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Asian stocks end slightly higher

Hong Kong - Asian stocks closed 0.13% higher on Tuesday as bargain-hunters moved in after two successive sessions of losses that saw almost 3% wiped off the market.

The benchmark Hang Seng Index rose 28.63 points to 22 712.78 on turnover of HK$61.75bn (about $7.97bn).

Dealers took the opportunity to pick up cheaper stocks after suffering a sell-off on Friday and Monday, tracking losses in Shanghai that were fuelled by concerns over a share glut and the economy.

Closed flat

The two indexes fell as several companies have released prospectuses for initial public offerings (IPOs) after the market regulator lifted a freeze on listings.

The move comes as there are already worries about a cash crunch in the Chinese financial system.

Energy giant CNOOC fell 1.30% to HK$13.66, Ping An Insurance slipped 1.12% to HK$66.00 and Sino Land added 0.20% to HK$10.18. HSBC put on 0.90% to HK$83.90 and Cathay Pacific gained 1.13% to HK$16.10.

Chinese shares closed flat. The benchmark Shanghai Composite Index edged up 0.08%, or 1.61 points, to 2 047.32 on turnover of 54.6 billion yuan ($9.0bn).

Joint venture

"The market had basically digested the short-term impact from the resumption of IPOs but it lacked upward momentum given the domestic economy is in a downturn," said Central China Securities analyst Zhang Gang.

BesTV New Media, which is planning a games joint venture with Microsoft, surged 8.37% to 40.28 yuan after China took steps to lift a ban on production and sales of gam consoles.

Other media firms also advanced, with Zhejiang Daily Media Group gaining 3.20% to 32.23 yuan while Time Publishing and Media rose 2.10% to 17.52 yuan.

Banks were lower on reports that China has issued rules to regulate shadow banking services.

China Construction Bank fell 1.72% to 4.01 yuan while China Minsheng Banking slid 1.08% to 7.31 yuan.

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