HONG KONG, May 10: Asian stocks closed mostly higher on Wednesday in cautious trade ahead of a decision and an outlook on US interest rates by the Federal Reserve later in the day.
Economists predicted the US central bank would raise interest rates by a quarter point to 5.0 per cent, marking the 16th consecutive rate hike.
However, anxious investors will focus on the accompanying statement and whether or not the current campaign of US rate hikes is nearing an end.
In the meantime, domestic issues held sway over the markets with Sydney closing at a record high in response to a big-spending government budget.
Mumbai and Jakarta also struck best ever finishes with more modest gains.
TOKYO: Share prices closed 1.39 per cent lower after the yen hit a fresh seven-month low against the dollar, putting fresh pressure on key exporters.
The Nikkei-225 index fell 238.98 points to 16,951.93. Volume rose to 2.07 billion shares from 1.95 billion Tuesday.
HONG KONG: Share prices closed 0.31 per cent lower led by Sun Hung Kai after the company said it will raise new funds by placing up to 111 million new shares.
SYDNEY: Share prices rallied to record highs on Wednesday as investors responded enthusiastically to a big-spending, tax-cutting government budget.
The SP/ASX 200 index jumped 26.4 points to 5,352. A total of 1.18 billion shares worth 5.41 billion dollars changed hands.
SINGAPORE: Share prices closed 0.50 per cent higher after late buying in banking stocks helped offset a fall in blue chip Singapore Airlines (SIA).
KUALA LUMPUR: Share prices closed flat, with some last-minute buying activity helping the main index recoup most of its earlier losses due to profit-taking.
JAKARTA: Share prices closed 0.44 per cent higher in volatile trade, with profit-taking interrupting a two-day broad market rally but gains in telecoms helping to push the index to another record high.
WELLINGTON: Share prices closed 0.59 per cent higher, underpinned by a fall in the local currency and a rise in the Australian market.
The NZX-50 index rose 22.13 points to 3,738.15 on turnover worth 369.9 million New Zealand dollars (231.8 million US).
MUMBAI: Share prices rose 0.79 per cent to close at an eighth-straight record high on sustained buying in index-based stocks.—AFP