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Tech, Persian Gulf Outlooks Cap Asian Stock Markets

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Asian stock markets turned in a choppy, relatively muted performance Tuesday, as traders awaited developments in the Persian Gulf and held firm in tech-sector issues.

Shanghai and Tokyo finished in the green, while Hong Kong lost ground. Other regional exchanges were also mixed.

Brent oil futures rose by 2.3% to $85.71 a barrel during Asian market hours.

In Japan, the Nikkei 225 opened evenly, waffled, but finished up 0.3% as AI- and semiconductor-sector issues edged higher after recent bear moves.

The Japanese yen lost ground against the US dollar, undergirding export enterprises.

The benchmark Nikkei 225 rose 202.63 to 65,957.53, although losing issues outnumbered gainers 129 to 93.

Leading the upside was Yamaha Motors, up 13.4% after reporting earnings, while NH Foods declined 8.4%.

In Hong Kong, the Hang Seng Index opened evenly but lost ground in trading, closing down 0.6% as property issues again pressured the market.

The broad gauge Hang Seng fell 156.48 to 25,852.92, as losing issues outnumbered gainers to 63 to 28. The Hang Seng TECH Index gained 0.2% on the day, while the Mainland Properties Index fell 0.7%.

Leading the upside was Wuxi AppTec, gaining 11.2% after reporting earnings, while China Construction Bank declined 3.4%.

On the mainland, the Shanghai Composite rose 0.3 % to 3,822.28.

On the other regional exchanges, the S. Korean KOSPI rose 1.6%; the Taiwan TWSE was steady; the Australian ASX 200 advanced 1.4%; the Singapore Straits Times Index was flat, and the Thai Set declined 0.3%. In late trading in Mumbai, the Sensex was down 0.3%.

The MSCI All Country Asia Pacific Index fell 0.2% on the day.

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