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Nikkei Markets

Asian stocks edge lower after oil prices slide

Taiwan's Hon Hai Precision, Singapore's Olam slip after 3Q earnings

HONG KONG (Nikkei Markets) -- Asian stocks outside of Japan fell Wednesday, as losses for energy producers after a pullback in crude oil prices overshadowed a rebound in airlines, which stand to benefit from lower fuel costs.

The Nikkei Asia300 Index fell 0.4% to 1,194.35 on Wednesday. Tencent Holdings lost 0.8% ahead of its third-quarter earnings report. The stock swung between gains and losses during the day as investors were cautious over results for its gaming business, which has been hit by Chinese government policy changes.

Chinese energy producers CNOOC and PetroChina declined 4.7% and 3.6%, respectively, in Hong Kong after U.S. crude oil prices tumbled 7.1% on Tuesday. PTT Exploration and Production shed 4% in Bangkok.

South Korean petroleum products maker SK Innovation fell 3.3%. The company and several buyout groups have been short-listed in an auction for German chemicals maker Evonik's methacrylates plastics unit, Reuters reported, citing people close to the matter.

Regional airlines advanced, with Cathay Pacific Airways adding 2.3% and Air China climbing 4.2%. Korean Air Lines jumped 9.4% in Seoul, while AirAsia was up 6.7% in Kuala Lumpur.

Hon Hai Precision Industry fell 1.5%. The company, which assembles iPhones for Apple, on Tuesday reported an 18% increase in third-quarter profit to 24.9 billion Taiwanese dollars ($805.5 million), missing the 28.3 billion Taiwanese dollars expected by analysts in a poll by Refinitiv.

Commodities trader Olam International slumped 5.1% in Singapore after reporting a 14.2% decrease in third-quarter profit after tax.

Singapore Technologies Engineering edged 1.2% higher. The defense contractor on Wednesday reported a 5% increase in third-quarter net profit and a 1% increase in revenue from a year earlier.

Sun Pharmaceutical Industries tumbled 7.4% after the drugmaker on Tuesday reported an unexpected loss for the second quarter, hurt by a one-time payment related to an antitrust litigation in the U.S.

Tata Steel ended little changed after rising as much as 3.5% in early trade. The steel maker reported a more than three-fold increase in second-quarter net profit late Tuesday.

--Suzannah Benjamin

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