(MENAFN– ecpulse)
Asian stocks tracked Wall Street`s fall on Tuesday and extended the previous day’s losses amid concerns over when the Federal Reserve might start to pare back its asset purchases. Investors await the minutes from the US central bank`s last meeting due Wednesday.
- The MSCI Asia Pacific Index fell 1.7% to 131.40 as of 14:25 in Hong Kong
In Japan stocks fell to the lowest level since June 28 as companies with exposure to emerging economies were dragged down by the sell-off seen in these markets. The prospect of reduced US monetary stimulus is curbing demand for assets in developing nations.
- Nikkei 225 closed 2.63% lower at 13396.38
- Topix closed 2.08% lower at 1125.27
In China the losses were limited as “confidence rose after the central bank governor pledged more financial support for the economy and said that policy could be fine-tuned in the second-half of this year”, while growth could rise this year to 7.7%.
- China’s CSI 300 Index closed 0.81% lower at 2312.47
- Hong Kong’s Hang Seng closed 2.20% lower at 21970.29
In Australia stocks fell as traders continue to digest the weak corporate results. The minutes of the Reserve Bank of Australia`s latest policy meeting had little to no effect on the index. It was suggested that future rates cuts were possible but not imminent.
- The S&P/ASX 200 closed 0.67% lower at 5078.18
In South Korea the benchmark index reversed earlier gains to track Asia-wide declines, falling to its lowest level since August 12. Exporters were hit by the slightly weaker Japanese yen which is hurting their competitive appeal in overseas markets.
- Kospi closed 1.55% lower at 1887.85
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