Rebounds ahead of US Fed meet

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HONG KONG: Asian markets yesterday mostly rebounded from the previous day’s losses on bargain buying in cautious trade ahead of a closely watched policy meeting at the United States Federal Reserve.

With the focus on the Fed, investors brushed off losses on Wall Street while Japanese shares enjoyed a pick-up thanks to a weakening yen.

Tokyo surged 1.53 per cent, or 208.69 points, to 13,869.82, snapping a four-day losing streak that saw it give up 7.6 per cent. Seoul added 0.90 per cent, or 17.16 points, to close at 1,917.05 and Sydney was flat, edging up 0.87 points to 5,047.2.

Shanghai added 0.70 per cent, or 13.76 points, to end at 1,990.06 .

Investors are sitting on the sidelines before the Fed’s policy statement today that they hope will provide an idea of its intentions for its US$ 85 billion a month stimulus programme.

In other markets:

* Mumbai slid 1.25 per cent, or 244.94 points, to 19,348.94 points. ONGC fell 5.64 per cent to 280.85 rupees while Tata Motors fell 3.94 per cent to 284.40 rupees.

* Bangkok fell 1.30 per cent, or 18.84 points, to 1,435.44. PTT Global Chemical lost 4.44 per cent while Airports of Thailand fell 4.51 per cent.

* Jakarta closed higher 0.61 per cent, or 28.02 points, at 4,608.49. Astra International rose 2.38 per cent to 6,450 rupiah while Gudang Garam gained 1.40 per cent to 43,600 rupiah.

* Taipei rose 0.98 per cent, or 79.05 points, to 8,163.55. Taiwan Semiconductor Manufacturing Co was two per cent higher at T$ 102.0, while Largan Precision gained 3.86 per cent to T$ 1,075.

* Manila closed 0.15 per cent higher, adding 10.34 points to 6,728.00. Manila Electric Co rose 0.27 per cent to 292 pesos while Ayala Land advanced 0.33 per cent.

* Wellington fell 0.61 per cent, or 27.89 points, to 4,550.59. Chorus was off 2.84 per cent at NZ$ 2.74, Telecom fell 2.18 per cent to NZ$ 2.245 and Air New Zealand was steady on NZ$ 1.45. AFP

Business Times : marketwatch

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