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Market Update

Asian Markets Mixed in Thin Trade; Nikkei Closed

Asian markets traded mixed Tuesday with markets in Japan closed and otherwise low volumes ahead of the Labour Day Holiday.

The Nikkei was shut for Showa Day, commemorating Emperor Hirohito.

The Shanghai Composite edged up 0.2% while the Hang Seng was up 0.4%. The Sensex declined 0.5% while the All Ordinaries fell 1%.

The U.S. on Monday slapped fresh sanctions on Russia – the third time it has done so since the crisis escalated – this time targeting seven individuals and 17 companies.

In response, Russian troops returned to their bases after conducting military exercises on the Ukrainian border, spurring some relief buying overnight on Wall Street.

Chinese markets were also boosted by news the PBOC is set to inject a net 91 billion yuan into the money market this week through its open market operations, offering liquidity.

Gold prices fell as the dollar firmed up after a better-than-expected home sales report in the U.S. Monday.

Stocks on the Move

Gemdale Corp. plunged 10% in Shanghai after reporting results. The company posted a 76% drop in its first-quarter net profit.

China Vanke was down 1.9% after the company posted a more modest 5.2% fall in profit.

Casino players were all lower in Hong Kong. Wynn Macau fell 3.3% while Galaxy Entertainment fell 4.5%. Sands China was down 3% while MGM China Holding dropped 3.9%.

China Merchants Bank fell 1.6% after results. Ahead of their results, Bank of Communications edged up 0.2% while ICBC was trading flat.

Over in Seoul, Samsung was down 1.7% after results.

The Sensex fell for a third straight session, down from record highs last Friday.

Tata Steel was the top loser, down 3.2%, followed by Bajaj Auto and Hindalco, both down 1.8% each. HUL was down 1.5% while Cipla and ICICI Bank were down 1.2% each, respectively. HDFC Bank gave up 1.1%.

Airtel was 0.3% ahead of results due slightly later.

In Sydney, Wesfarmers was down 2.2%. The retailer reported an improvement in its supermarket and home improvement stores but said it faced difficulties in attracting customers to its Target discount stores as it cut back on promotional deals.

Oil Search climbed about a percent after the company raised production guidance for the year.

Roc Oil was up initially but fell 1.1% at the time of writing. Earlier, reports said the company is buying Horizon Oil in an all-shares deal just under $400 million.

Index leader BHP Billiton was down 1.1%.

Fortescue Metals fell 4.4% while Atlas Iron weakened 2.4% after a drop in iron-ore prices.

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