ASIA STOCKS await Fed meeting

Asian stocks swung between gains and losses as the Federal Reserve prepares for a two-day policy meeting. Chinese developers fell on concern gains in home prices will limit scope for monetary easing.

The MSCI Asia Pacific Index was little changed at 132.36, having swung between a gain of 0.3% and a loss of 0.6%.

Japan’s Topix index closed 0.2% higher, erasing a loss of as much as 0.5%. The benchmark Nikkei 225 Stock Average dropped 0.2% after rising 0.8%. Hong Kong’s Hang Seng Index declined 0.4% and China’s Shanghai Composite Index added 0.1%.

Australia’s S&P/ASX 200 Index slid 0.2%, while New Zealand’s NZX 50 Index advanced 0.3%. South Korea’s Kospi index climbed 0.9%. Taiwan’s Taiex Index gained 0.2% and Singapore’s Straits Times Index jumped 1.4%.

China Overseas Land & Investment Ltd., the biggest mainland developer traded in Hong Kong, slipped 1.9%. STX Pan Ocean Co., South Korea’s No. 1 commodities-shipping company, slumped 15% after a court accepted its application to seek protection. Sony Corp. climbed 4.4% in Tokyo after Third Point LLC, a hedge fund controlled by billionaire Daniel Loeb, increased its stake in the electronics maker.

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