Asian Stocks Hold Near Seven-Year High on Tech, Consumer Shares
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Asia’s benchmark stock gauge traded near a seven-year high as technology shares led declines and consumer equities advanced. Shares in Hong Kong slid for the first time in nine days.
Tencent Holdings Ltd. slumped 5.5 percent in Hong Kong after its chairman reduced his stake in the Internet company. Department-store operator Shinsegae Co. surged 11 percent in Seoul after LIG Investment & Securities Co. upgraded the stock. Hong Kong Exchanges & Clearing Ltd. dropped 4 percent from a record after gaining 66 percent in the previous eight sessions.