ASIA STOCKS mostly lower ahead of Fed announcement

Asian stocks were mostly lower on Wednesday, ahead of the conclusion of the much-anticipated U.S. Federal Reserve policy meeting. 

The Nikkei was up 1.9% in Tokyo. Other markets mainly edged lower, with Australia’s S&P/ASX 200 down 0.3%, Hong Kong’s Hang Seng Index off by 0.3%, and the Philippines’ PSE Composite declining 0.2%. 

Some markets won’t get a chance to react to the Fed developments until next week, due to a number of public holidays that will take place across the region. South Korea is closed for the rest of the week, while Shanghai won’t be trading on Thursday and Friday. 

The Shanghai Composite fell 0.2% on Wednesday. 

A number of companies in Tokyo were reacting to corporate news. Kawasaki Heavy Industries Ltd. jumped 4.7% following a TV Tokyo report that the company has received ¥180 billion to provide 676 cars to Long Island Rail Road in New York, citing the New York City Transit Authority. 

Sharp Corp. rose 2.2%, adding to a 6.6% gain on Tuesday that was brought about by a Nikkei report that the company’s operating profit for the April-to-September period will be twice as much as previously forecast. 

In Hong Kong, Chinese real estate developers fell on concerns Beijing could look to control property prices after official data showed growth in China’s housing prices picked up pace in August. 

China Resources Land Ltd. fell 2.4% and Evergrande Real Estate Group Ltd. fell 0.9%.

Source of information>>

More information>>