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Stocks

Nikkei Asia300 Index ends little changed after China recovery

Energy producers lead losses ahead of OPEC meeting

NEW DELHI (NewsRise) -- Asian stocks ended little changed on Tuesday as a rebound in Chinese equities outweighed losses in energy producers ahead of a meeting by the Organization of Petroleum Exporting Countries.

The Nikkei Asia300 Index edged 0.03% higher to 1,404.45. The country gauge for China rose 0.7% amid apparent bargain-hunting after the nation's equities suffered recent losses. Chinese consumer electronics company TCL rose 2.2% in Shenzhen after four days of losses.

Investors continue to watch borrowing costs in in Asia's largest economy as the yield on China's 10-year Treasury note has risen 35 basis points since the end of September.

"China is becoming a key market to watch, as it is leading the direction for other markets across Asia," said Hussein Sayed, Chief Market Strategist at FXTM. "Rising bond yields are threatening corporate profit margins for the second largest economy."

In Hong Kong, index heavyweight Tencent Holdings recovered from intraday losses to snap a four-day losing streak to close 1.9% higher. Still, the country gauge for Hong Kong ended 0.8% lower as mainland financial stocks listed in the city as well as developers remained under pressure.

A mixed session on Wall Street overnight and losses for energy producers limited the upside for regional markets on Tuesday. Offshore oil producer CNOOC and China's largest oil producer PetroChina dropped 1.3% each in Hong Kong, while Sapura Energy lost 3% in Kuala Lumpur as U.S. crude prices headed for a second day lower ahead of the OPEC meeting.

In the rest of Asia, South Korea's gauge added 0.2% after Samsung Electronics, one of the heaviest weighted stocks on the Nikkei Asia300 Index, rose 1.2% to rebound from Monday's 5.1% drop sparked by a Morgan Stanley downgrade.

The country index for Taiwan ended 0.7% lower. China Steel slipped 0.2% in Taipei after saying it disposed of real estate worth $1.63 billion Taiwanese dollars ($54.4 million) on behalf of a unit.

The country gauge for Malaysia fell 0.3%. CIMB Group Holdings, Malaysia's second-largest bank by assets, fell 0.7%. On Tuesday, it said its net profit rose 11% in the third quarter from a year earlier, driven mostly by corporate and consumer banking segments.

The Nikkei Asia300 ASEAN Index ended little changed.

India's index fell 0.1% ahead of the September-quarter gross domestic product data due later this week. Market heavyweights Reliance Industries and Infosys lost at least 0.8% each.

--Suzannah Benjamin

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