Majority of the Asian Stocks were seen dragged lower on Tuesday, following the upbeat performance seen, driven by Larry Summers withdrawal as a candidate at the US Federal Reserve (Fed). However, the highly anticipated Federal Reserve Meeting due later in the day has been the main focus for investors.
The Fed policymakers are expected to scale-back on the US central bank’s $85 billion monthly bond-buying program by $10 billion minimum.
However, a large group of economist is predicting the Fed will postpone trimming its stimulus program until December.
Japan’s benchmark Nikkei 225 lost 0.65% to 14,311.67 on Tuesday, as the Japanese stock market was closed on Monday for public holidays.
While the country’s yen weakened on Tuesday. The greenback was seen edging 0.09% higher at ¥99.13, as the country’s stocks dropped lower and gave a boost to the exporters.
Furukawa, saw the most gains on the index, advancing 5.8% higher, as KDDI Corporation, mobile communication provider plunged 6.5%.
While Daiichi Sankyo, pharmaceutical company lost 6.8%, following the news that the US Food& Drug Association will be blocking imports of medicine made at the newest plant of Daiichi Sankyo.
Tokyo’s broader Topix index dropped 0.16% to 1,183.41.
China’s session saw losses as well on Tuesday, with Hong Kong’s Hang Seng retreating 0.35% to 23,169 at the time of writing and the same time the mainland biggest Shanghai Composite lost 1.46% to 2,199.42.
Bank of East Asia saw the most gains throughout the day, advancing 3.8% higher, while CNOOC, China’s largest offshore oil driller, lost more than 0.8% during the session, after the company gained approval to list on Toronto’s stock exchange.
In Australia, Sydney’s benchmark index, the S&P/ASX 200 gained 0.19% at 5,257.90.
TPG Telecom saw the most gains in the session, rising 13.2%. While the Australian Infrastructure Fund lost 17.7%.
The South Korean Kospi Index lost 0.39% lower at 2,005.58.
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