(MENAFN– ecpulse)
Asian stocks snapped some of this week’s gains as fears of a US-led military attack on Syria receded while some investors booked profits as caution is rising ahead of the US Federal Reserve meeting next week.
- The MSCI Asia Pacific Index fell by 1% to 136.31 as of 12:43 in Tokyo
Rising fears that the Fed will reduce its $85-billion-a-month asset-purchase program next Wednesday, and news that a Chinese drug maker was caught in a corruption probe, pushed stocks in Shanghai lower in Friday.
- China’s CSI 300 Index closed 0.74% lower at 2488.90
- Hong Kong’s Hang Seng closed 0.17% lower at 22915.28
In Japan stocks rose as the yen weakened against the greenback on news Obama might name Lawrence Summers as the next chairman of the Federal Reserve. Yet reports showing Abe will raise the 5% sales tax to 8% next April weighed on risk appetite.
- Nikkei 225 closed 0.12% higher at 14404.67
- Topix closed 0.08% higher at 1185.28
In Australia stocks dropped as gold miners weighed on the index as the precious metal prices headed for its worst week in two months. In South Korea the benchmark index tracked Asia-wide caution and fell below the 2,000 points.
- The S&P/ASX 200 closed 0.44% lower at 5219.63
- Kospi closed 0.49% lower at 1994.32
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