(MENAFN– ecpulse)
Some Asian stocks reversed the gains heading lower on Wednesday following heavy losses in many stock exchanges around the world amid concerns over a potential reduction in the US monetary stimulus. United States Federal Reserve will release later today the minutes of their last meeting which might provide clues on when the bank will start reducing its bond purchases.
- MSCI Asia Pacific Index fell 0.5% to 130.87 as of 14:20 in Hong Kong
In Japan the benchmark index reversed losses after hitting its lowest level in almost two months. Sony rose 0.5% on news the company received more than 1 million preorders worldwide for its new PlayStation 4 console, while Tokyo Electric Power shares fell 9.3% on news there were high levels of radiation leaking from its Fukushima nuclear plant.
- Nikkei 225 closed 0.21% higher at 13424.33
- Topix closed 0.31% lower at 1121.74
In China, shares fell after China Coal Energy reported a 38% drop in first half net profit from a year earlier, meanwhile in Hong Kong stocks extended losses for the fifth straight session. Yet focus remains on emerging markets which are now recovering after a brutal sell-off over the past two day.
- China’s CSI 300 Index closed 0.17% lower at 2308.59
- Hong Kong’s Hang Seng closed 0.69% lower at 21817.73
In Australia stocks rose despite the mixed performance by mining heavyweights; BHP Billiton closed 2.2% down after reporting a 30% drop in full-year profit on Tuesday. While in South Korea the benchmark index fell despite Kia’s 2.1%; there was news that workers at Kia were planning to stage a partial strike on Wednesday.
- S&P/ASX 200 closed 0.43% higher at 5099.99
- Kospi closed 1.08% lower at 1867.46
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