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China stocks drive Asia lower in light trade

FXStreet (Mumbai) - The Asian indices reversed early gains and turned negative amid a slow session, after the US bourses remained closed overnight on Thanksgiving break. Moreover, profit-taking emerged the main theme on regional indices after extensive rally seen this week.

China stocks deep in the red

The Japanese markets snapped recent upsurge and traded with minor losses as the minor uptick in Japan’s consumer prices fail to lift investors’ sentiment. However, the losses were restricted as the exporters’ stocks enjoyed a weaker yen in Asia. USD/JPY trades modestly flat at 122.60 while the Nikkei loses -0.25% to trade at 19,894.

The Australian benchmark, the S&P/ASX trades -0.10% lower on lower resource and mining stocks after the overnight decline in commodity prices. While negative sentiment on the Chinese bourses also weighed on the Australian stocks.

The Chinese indices headed for a weekly loss, falling sharply following reports that China Securities Regulatory Commission is investigating country’s leading brokerages for alleged rule violations. Moreover, falling industrial profits further added to the persisting China slowdown fears. Profits earned by Chinese industrial companies fell 4.6% y/y in October.

The benchmark Shanghai Composite (SSEC) tanks -0.94% to 3,601. China’s A50 index drops -1.90% to 10,424 points. Hong Kong’s Hang Seng declines -1.07% to 22,249.

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