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Asia markets advance ahead of Fed meeting
(MENAFN- Gulf Times) Asian markets mostly advanced yesterday as investors await the end of the US Federal Reserve's policy meeting later, hoping for clues about its plans for interest rates.
Shanghai and Hong Kong were the stand-out performers on hopes of fresh stimulus measures from China, while the dollar edged down as investors kept their powder dry before the Fed announcement.
Japan's Nikkei index rallied from early losses as Nintendo soared more than 21%, hitting its daily stop limit, after the company announced plans to enter the mobile gaming market.
Tokyo rose 0.55%, or 107.48 points, to 19,544.48, Sydney was marginally higher, edging up 0.18 points to 5,842.30 and Seoul was slightly lower, dipping 1.46 points to 2,028.45.
Shanghai added 2.13%, or 74.45 points, to 3,577.30 - its highest close since mid-May 2008 - with investors still buoyed by weekend comments from Chinese Premier Li Keqiang that the government can support the economy if it continues to struggle.
Hong Kong gained 0.91%, or 218.59 points, to 24,120.08.
In other markets, Taipei rose 1.19%, or 113.99 points, to 9,653.43; Taiwan Semiconductor Manufacturing Co closed 3.02% higher at Tw$153.5, while Hon Hai Precision Industry added 0.69% to Tw$87.9.
Wellington fell 0.99%, or 58.74 points, to 5,846.66; Air New Zealand slipped 1.93% to NZ$2.80 and Spark was off 2.23% at NZ$3.075.
Manila closed 0.42% lower, giving up 32.52 points to 7,756.58; Philippine Long Distance Telephone was down 3.13% at 2,784 pesos, universal Robina fell 0.09% to 215 pesos and Ayala Land slipped 1.45% to 37.40 pesos. Jakarta ended down 0.48%, or 26 points, at 5,413.15; cement maker Indocement Tunggal Prakarsa fell 0.89% to 22,275 rupiah, while lender Bank Negara Indonesia rose 0.72% to 6,950 rupiah.
Singapore ended down 0.24%, or 8.20 points, at 3,361.75; real estate developer Capitaland eased 1.14% to Sg$3.46 while United Overseas Bank inched up 0.09% to Sg$22.60.
Bangkok closed up 1.23%, or 18.66 points, to 1,531.50; Bumrungrad Hospital gained 4.58% to 148.50 baht, while state-owned oil and gas giant PTT Exploration and Production rose 3.40% to 106.50 baht.
Kuala Lumpur added 0.54%, or 9.70 points, to 1,797.57; Public Bank rose 0.54% to 18.50 ringgit, Sime Darby gained 0.22% to 9.28 while Tenaga Nasional lost 0.14% to 14.66 ringgit.
"High trading activity means the stock market will be supported," said Yan Liu, a trader at Guosen Securities, referring to Chinese shares. "Speculation of more stimulus to come is helping to propel the market higher."
While the Fed is not expected to lift rates, global traders are keeping a keen eye on what it has to say about its near-term plans after a recent mixed bag of economic data.
"There are expectations that the word 'patient' will disappear from the forward guidance part of the Fed's statement, while (Fed chief Janet) Yellen will say that they're not in a hurry to raise rates," said Hiroichi Nishi, an equities manager at SMBC Nikko Securities in Tokyo.
On Wall Street Tuesday, the Dow dropped 0.71% and the S&P 500 shed 0.34% in edgy pre-Fed trade, but the Nasdaq closed up 0.16%.
In currency markets, the dollar retreated as investors sat on the sidelines. It bought ¥121.27 in afternoon Tokyo trade, compared with ¥121.34 in New York late Tuesday.
The euro was at $1.0607 and ¥128.64 against $1.0590 and ¥128.51.
In Japan, Nintendo surged 21.3%-or by its daily 3,000 yen daily limit-after it announced it would team up with Tokyo-based mobile gaming company DeNA to develop games for smartphones, marking a turning point for the firm, which has long refused to enter the market.
It said it plans to buy 10% of DeNA for 22bn yen with the pair set to create games based on Nintendo's host of popular characters, which include Super Mario and Pokemon.
Oil prices fell, extending losses in New York before a US government report that is expected to show stockpiles at another record high.
US benchmark West Texas Intermediate for April delivery eased 92 cents to $42.54 while Brent crude for May fell 38 cents to $53.13.
Gold fetched $1,150.61 against $1,153.82 late Tuesday.
Shanghai and Hong Kong were the stand-out performers on hopes of fresh stimulus measures from China, while the dollar edged down as investors kept their powder dry before the Fed announcement.
Japan's Nikkei index rallied from early losses as Nintendo soared more than 21%, hitting its daily stop limit, after the company announced plans to enter the mobile gaming market.
Tokyo rose 0.55%, or 107.48 points, to 19,544.48, Sydney was marginally higher, edging up 0.18 points to 5,842.30 and Seoul was slightly lower, dipping 1.46 points to 2,028.45.
Shanghai added 2.13%, or 74.45 points, to 3,577.30 - its highest close since mid-May 2008 - with investors still buoyed by weekend comments from Chinese Premier Li Keqiang that the government can support the economy if it continues to struggle.
Hong Kong gained 0.91%, or 218.59 points, to 24,120.08.
In other markets, Taipei rose 1.19%, or 113.99 points, to 9,653.43; Taiwan Semiconductor Manufacturing Co closed 3.02% higher at Tw$153.5, while Hon Hai Precision Industry added 0.69% to Tw$87.9.
Wellington fell 0.99%, or 58.74 points, to 5,846.66; Air New Zealand slipped 1.93% to NZ$2.80 and Spark was off 2.23% at NZ$3.075.
Manila closed 0.42% lower, giving up 32.52 points to 7,756.58; Philippine Long Distance Telephone was down 3.13% at 2,784 pesos, universal Robina fell 0.09% to 215 pesos and Ayala Land slipped 1.45% to 37.40 pesos. Jakarta ended down 0.48%, or 26 points, at 5,413.15; cement maker Indocement Tunggal Prakarsa fell 0.89% to 22,275 rupiah, while lender Bank Negara Indonesia rose 0.72% to 6,950 rupiah.
Singapore ended down 0.24%, or 8.20 points, at 3,361.75; real estate developer Capitaland eased 1.14% to Sg$3.46 while United Overseas Bank inched up 0.09% to Sg$22.60.
Bangkok closed up 1.23%, or 18.66 points, to 1,531.50; Bumrungrad Hospital gained 4.58% to 148.50 baht, while state-owned oil and gas giant PTT Exploration and Production rose 3.40% to 106.50 baht.
Kuala Lumpur added 0.54%, or 9.70 points, to 1,797.57; Public Bank rose 0.54% to 18.50 ringgit, Sime Darby gained 0.22% to 9.28 while Tenaga Nasional lost 0.14% to 14.66 ringgit.
"High trading activity means the stock market will be supported," said Yan Liu, a trader at Guosen Securities, referring to Chinese shares. "Speculation of more stimulus to come is helping to propel the market higher."
While the Fed is not expected to lift rates, global traders are keeping a keen eye on what it has to say about its near-term plans after a recent mixed bag of economic data.
"There are expectations that the word 'patient' will disappear from the forward guidance part of the Fed's statement, while (Fed chief Janet) Yellen will say that they're not in a hurry to raise rates," said Hiroichi Nishi, an equities manager at SMBC Nikko Securities in Tokyo.
On Wall Street Tuesday, the Dow dropped 0.71% and the S&P 500 shed 0.34% in edgy pre-Fed trade, but the Nasdaq closed up 0.16%.
In currency markets, the dollar retreated as investors sat on the sidelines. It bought ¥121.27 in afternoon Tokyo trade, compared with ¥121.34 in New York late Tuesday.
The euro was at $1.0607 and ¥128.64 against $1.0590 and ¥128.51.
In Japan, Nintendo surged 21.3%-or by its daily 3,000 yen daily limit-after it announced it would team up with Tokyo-based mobile gaming company DeNA to develop games for smartphones, marking a turning point for the firm, which has long refused to enter the market.
It said it plans to buy 10% of DeNA for 22bn yen with the pair set to create games based on Nintendo's host of popular characters, which include Super Mario and Pokemon.
Oil prices fell, extending losses in New York before a US government report that is expected to show stockpiles at another record high.
US benchmark West Texas Intermediate for April delivery eased 92 cents to $42.54 while Brent crude for May fell 38 cents to $53.13.
Gold fetched $1,150.61 against $1,153.82 late Tuesday.
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