(MENAFN– ecpulse)
Asian shares were mixed Tuesday after suffering a heavy sell-off in the previous session, holding near five-month lows with investors indulging in some bargain hunting after recent sharp losses.
Expectations the Fed will scale back its bond buying further have put pressure on risk assets, especially emerging markets, as the Fed kicks off its two-day policy meeting later in the day. Economic expect Fed to reduce its monthly bond purchase by another $10 billion to $65 billion as it did in December.
Disappointing guidance from Apple Inc also hit shares of its suppliers in Japan and Korea, where Apple missed expectations for iPhone sales over the crucial holiday shopping season and offered a weaker-than-expected forecast for this quarter.
Japan`s benchmark index zigzagged in choppy trade Tuesday, yet still managed to move off Monday`s two-month low as investors took relief from a weaker yen. The dollar edged higher against the yen after sinking to near two-month lows on Monday.
- Japan’s Nikkei closed 0.36% lower at 11.063.94
- JPX Nikkei 400 dropped 0.17% to close at 11,103.87
- Topix ended 0.40% down at 1,224.31
Among other markets in the Asia-Pacific region, Hong Kong, Shanghai, Singapore, Indonesia, and South Korea are trading marginally higher. Malaysia was up with notable gains.
- New Zealand’s NZX 50 dipped 0.11% to close at 4,848.44
- South Korea’s Kospi rose 0.34% to trade at 1,916.93
Shanghai shares pulled back from recent lows set in the previous week after the People`s Bank of China injected funds into interbank markets and reports that the PBOC halted bank cash transfers ahead of the upcoming Lunar New Year’s holiday.
Investors also digested data that showed Chinese industrial profit growth slowed in 2013, rising to an annual 6 percent in December, slower compared with 9.7 percent gain in November.
- Hong Kong’s Hang Seng fell 0.07% to end session at 21,960.64
- Shanghai Composite ended higher by 0.26% at 2,038.51
Australia`s benchmark index closed at a one-and-a-half-month low following Monday`s holiday. South Korean shares rebounded today after closing at a five-month low in the previous session.
- The S&P/ASX 200 was 1.36% lower at 5,175.11
Gains are expected to be modest in the region as the mood remains cautious amid lingering concerns about the global economic outlook following recent weak data from China and on worries about further stimulus tapering by the U.S. Federal Reserve.
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