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Oct. 18, 2017, 6:47 a.m. EDT

Chinese stocks log mixed finish as China’s party congress gets underway

Nikkei up for 12th straight session; Rio Tinto sued

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By Ese Erheriene


Reuters
Former Chinese president Hu Jintao, Chinese President Xi Jinping and former Chinese president Jiang Zemin at the opening session of the 19th National Congress of the Communist Party of China in Beijing on Wednesday.

Stock markets were muted in Asian trade on Wednesday, sticking to narrow ranges as the first day of China’s 19th Communist Party Congress drew to a close.

Half a dozen major indexes ended no more than 0.1% higher or lower than their previous close, including Hong Kong, South Korea and Australia.

Regional investors traded cautiously as the latest Communist Party congress got under way, where China’s President Xi Jinping is expected to secure a second five-year term. The twice-a-decade meetings typically trigger uncertainty about political and economic shifts in the country.

“Leads for Asia today are fairly lackluster,” said Chris Weston, chief market strategist at IG Markets. “China is key today and for the remainder of this week.”

Read: China’s Xi makes swipe at ‘America First’ — and 4 other key parts of his big speech

China markets were mixed as investors hedged amid Party Congress uncertainty. The Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -1.84%  added 0.3% while the main Shenzhen board /zigman2/quotes/210598015/delayed CN:399106 -1.62% and the start-up heavy ChiNext index fell 0.4% and 0.5%, respectively.

Expecting no drastic changes from the conclave, asset manager Pimco said it saw risk control and overall economic stability as top priorities for Chinese leaders.

In Japan, the Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -2.54%   notched a 12th consecutive gain, up 0.1%, while New Zealand’s benchmark index /zigman2/quotes/211587880/delayed NZ:NZ50GR +0.06%   eked out a 12th record close by rising nearly 3 points. Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -3.05%   slipped 0.1%. Markets in Malaysia and Singapore were closed for public holidays.

Shares of Rio Tinto /zigman2/quotes/200083756/delayed AU:RIO -1.26%  fell 0.8% in Sydney after U.S. regulators sued the mining company and two former top executives over claims they misled investors about the value of Mozambique coal assets obtained in a disastrous acquisition that caused huge losses. Late Tuesday, Rio said the fraud claims made by the Securities and Exchange Commission were “unwarranted” and would be proven wrong in court.

In Hong Kong, stocks came under pressure following recent strength, with many Chinese financial firms slightly lower. Industrial and Commercial Bank of China /zigman2/quotes/201401473/delayed HK:1398 -0.95%   declined 0.3%. China Construction Bank /zigman2/quotes/208974133/delayed HK:939 -0.94%   slipped 0.1%. The Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -2.45%   ended up 0.1%.

Meanwhile, news that Iraqi forces have continued to move into Kurdish territory and comments from Iran that it didn’t expect any impact on oil exports from President Donald Trump’s refusal to certify a nuclear deal, helped support oil prices, analysts at Australia and New Zealand Banking said.

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CN : China: Shanghai
3,519.09
-65.95 -1.84%
Volume: 20.78B
Feb. 26, 2021 11:58a
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/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
2,297.57
-37.84 -1.62%
Volume: 22.02B
Feb. 26, 2021 11:30a
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/zigman2/quotes/210597971/delayed
JP : Nikkei
29,402.90
-765.37 -2.54%
Volume: 0.00
Feb. 26, 2021 12:53p
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/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
12,147.40
+6.74 +0.06%
Volume: 0.00
Feb. 26, 2021 4:45p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
3,005.02
-94.67 -3.05%
Volume: 925,690
Feb. 26, 2021 12:53p
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/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 127.26
-1.62 -1.26%
Volume: 987,140
Feb. 26, 2021 2:53p
P/E Ratio
14.83
Dividend Yield
4.82%
Market Cap
$187.83 billion
Rev. per Employee
$1.36M
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HK : Hong Kong
HK$ 5.19
-0.05 -0.95%
Volume: 118.44M
Feb. 26, 2021 11:58a
P/E Ratio
5.76
Dividend Yield
5.54%
Market Cap
HK$2165.83 billion
Rev. per Employee
HK$3.26M
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/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 6.29
-0.06 -0.94%
Volume: 131.49M
Feb. 26, 2021 11:58a
P/E Ratio
5.73
Dividend Yield
5.56%
Market Cap
HK$1582.63 billion
Rev. per Employee
HK$3.58M
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
29,338.73
-735.44 -2.45%
Volume: 1.53M
Feb. 26, 2021 11:58a
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