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Stocks in Asia closed the session mixed after cautious trade on Wednesday as the British pound fell on new poll results ahead of the U.K. election and on better than expected official PMI figures out of China. Ahead of an election next week, U.K. Prime Minister Theresa May's Conservative Party could lose 20 of the seats it currently holds while the Labour Party could gain 30 additional seats, according to the poll by YouGov. This would result in a loss of the Tories' overall majority at parliament, The Times newspaper reported.

The British pound slipped to as low as $1.2788, close to a one-month low reached last Friday, following the news compared to a high of $1.2867 in the overnight session. The pound recovered slightly to trade at $1.2806 at 2:50 p.m. HK/SIN. In Asia, the Nikkei 225 edged down by 0.14 percent or 27.28 points to close at 19,650.57 while the Kospi reversed earlier losses to finish 0.16 percent or 3.7 points higher at 2,347.38. The S&P/ASX 200 ended the session 0.12 percent or 6.714 points higher at 5,724.6. Chinese markets were mixed after the long weekend. The traded flat at 3:00 p.m. HK/SIN. Meanwhile, the edged higher by 0.24 percent or 7.4218 points to close at 3,117.4805 and the Shenzhen Composite dipped 0.1 percent or 1.8089 points to close at 1,808.3019.

This was just after the release of official Purchasing Managers' Index (PMI) for the month of May, which came in at 51.2 compared to the 51.0 estimated. The Australian dollar, which tends to be sensitive to resource demand from China, trended higher after the news to trade around $0.7474. The Aussie later declined to trade at $0.7449 against the dollar at 2:52 p.m. HK/SIN. "It's a tiny ... beat, but to be honest, not too much to be read into these numbers. It's business as usual. I think at the moment, the market is perhaps taking a slightly ... less serious view of the Chinese output numbers," Bank of Singapore CIO Johan Jooste told CNBC. Political developments at the end of the year and China's attempt to contain leverage are bigger market drivers than PMIs at the moment, Jooste added.