Fairly flat trading in Asian markets; Australia miners pull share market lower

<p>  Asian Markets were fairly quiet today with the Japanese Nikkei closed for public holiday and the Hang Seng down 0.3%. In Hong Kong, stocks […]</p>

 

Asian Markets were fairly quiet today with the Japanese Nikkei closed for public holiday and the Hang Seng down 0.3%.

In Hong Kong, stocks fell dragging the index to its worst weekly drop since May as developers slid after newspaper reported lower new home sales in Shanghai and on concern China will further tighten monetary policy.

China Resources Land, a state-controlled developer fell 3.7%. Furthermore, Wharf Holdings, the owner of two of Hong Kong’s largest shopping malls lost 1.3% after announcing a rights offer.

In Australia, mining giants Rio Tinto and BHP Billiton led the overall market lower. The Australian dollar also lost some ground after the governor of the Australian Reserve Bank said the country’s interest rate is at the right level, dousing any speculation of a possible rate increase soon

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