Asian stocks were seen trading mixed on Tuesday, extending its highly volatile session while investors awaits key figures scheduled for the second half of the week.
Asian stocks opened higher for the second straight session; however some of them dropped towards the market close, especially gauges in China and South Korea.
China’s Communist Party’s eighteenth Central Committee meeting is scheduled to commence from November 9-12, where members of the party are expected to discuss China’s economic agenda.
In the previous session, shares in the Asian-pacific region ended in losses, while the European and US session closed with gains.
The Japanese benchmark the Nikkei 225 advanced 0.17% higher to 14,225.37, while Tokyo’s Topix index eased 0.04% to 1,182.58. The country’s stock exchanges were closed due to a public holiday on Monday.
Nisan Motor saw its biggest decline in five years, dropping 10.4%, while Minebea Corporation gained 16.9%. Machinery producer, Kubota Corporation edged 7.9% higher, beating analysts’ forecasts.
Losses were seen during China’s trading session; with Hong Kong’s benchmark Hang Seng losing 0.45% to 23,088.40, while the mainland Shanghai Composite index climbed 0.32% to 2,154.68.
“Facing these conditions we didn’t panic. We stuck to the rule of neither loosening nor tightening liquidity. We required the People’s Bank of China and commercial banks to step up liquidity management and maintain appropriate money supply but we did not ease liquidity as a result of this. We chose to hold steady on fiscal and monetary policy,” China’s prime minister, Li Keqiang commented on the country’s banking sector.
China’s central bank is expected to launch a negotiable certificate deposit (NCD) later this month, according to a bank official from commercial bank.
China’s Prime Minister Li Keqiang also commented on the nation’s growth target, stating the country needs to grow at least 7.2% gross domestic product (GDP) to ensure a stable job market.
HSBC Holdings was the session’s top winner, jumping 1.8% higher after it released its upbeat third-quarter earnings in the previous session.
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