(MENAFN– ecpulse)
Most Asian stocks fell on Tuesday as investors turn cautious before the Federal Reserve`s two-day policy meeting that starts today. The Fed is expected to cut its monthly $85-billion bond purchases by at least $10 billion, reducing the appetite for risk.
- The MSCI Asia Pacific Index slipped 0.5% to 138.06 as of 14:19 in Hong Kong
After being shut on Monday for a long weekend, Japan`s benchmark index dropped in an attempt to catch-up with the region’s losses. Yet losses were limited as the yen slightly weakened supporting exporters.
- Nikkei 225 closed 0.65% lower at 14311.67
- Topix closed 0.31% lower at 1181.64
In China the benchmark index fell to its lowest level since September 9 due to declines in property and banking stocks ahead of public holidays later this week, shrugging off positive foreign direct investment data.
- China’s CSI 300 Index closed 2.06% lower at 2427.32
- Hong Kong’s Hang Seng closed 0.31% lower at 23180.52
In Australia, the benchmark index saw slight gains in the final hour of trade as a dovish tone from the Reserve Bank of Australia lifted sentiment. The central bank’s minutes showed it would maintain its easing bias but signaled no urgent need to act.
- The S&P/ASX 200 closed 0.06% higher at 5251.24
- New Zealand’s NZX 50 closed 0.09% higher at 4698.03
In South Korea stocks fell on profit-taking after Monday’s gains and as the weak economic data weighed on sentiment. The August PPI fell 1.3% in August. South Korean markets will be closed starting Wednesday for the Thanksgiving holidays and will re-open next Monday.
- Kospi closed 0.39% lower at 2005.58
- S&P BSE SENSEX 30 fell 0.04% to 19734.33
In India the benchmark index was almost flat as the rupee weakened 1% to 63.46 per dollar, while the rise in inflation to a six-month high in August due to the skyrocketing onion prices weighed on prices.
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