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Most of the Asian markets trade lower ahead of FOMC release

18 Sep 2013 Evaluate

Most of the Asian equity benchmarks were trading in the red terrain in early deals on Wednesday as investors opted to exercise caution ahead of outcome of Federal Open Market Committee (FOMC) policy meeting. Meanwhile, Chinese shares were trading lower after official data showed that home prices were higher in August, which may constrain Beijing from further easing monetary policy. The prices jumped 19 percent in Guangzhou, while the capital city of Beijing and financial center of Shanghai both rose 15 percent from a year earlier. In Shenzhen, prices rose 18 percent from a year ago. Bucking the trend Japanese Nikkei were trading with a gain of around two percent on the back of weakening in yen.

Shanghai Composite dipped 4.51 points or 0.21% to 2,181.05, Hang Seng dropped 74.68 points or 0.32% to 23,105.84, Jakarta Composite declined 30.56 points or 0.68% to 4,487.06, KLSE Composite slipped 4.24 points or 0.24% to 1,770.70, Seoul Composite shed 7.79 points or 0.39% to 2,005.58 and Taiwan Weighted was down by 20.21 points or 0.24% to 8,229.57.

On the flip side, Nikkei 225 surged 280.72 points or 1.96% to 14,592.39 and Straits Times was up by 18.03 points or 0.57% to 3,198.95.

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