Asian Stocks Close Mixed

By Investors Hub

Asian markets exhibited a mixed trend amid largely stock-specific activity on Wednesday. Movements were a bit sluggish in most of the markets in the region, with traders refraining from making big moves ahead of the Federal Reserve?s monetary policy statement due later in the day.

Chinese stocks ended the day roughly flat following the holiday on Tuesday. The benchmark Shanghai Composite Index closed marginally lower at 3,082.10, while Hong Kong?s Hang Seng Index dipped 84.57 points or 0.3 percent to 30,723.88.

In the Japanese market, technology stocks fared well, but the benchmark Nikkei 225 Index edged down 35.25 points or 0.2 percent to 22,472.78. A slightly weaker yen limited the market’s downside.

With the markets to remain closed on Thursday and Friday for public holidays, traders were reluctant to build up positions.

Toyota Motor Corp. shares edged lower after the company reported a 4.7 percent year-over-year decline in vehicle sales in the U.S. in April.

Meanwhile, Australian stocks moved mostly higher on the day. The benchmark S&P/ASX 200 Index climbed 35.00 points or 0.6 percent to 6,050.20, while the broader All Ordinaries Index advanced 36.70 points or 0.6 percent to 6,136.70.

Information technology and consumer discretionary stocks moved higher. Qantas Airways surged up more than 8 percent, and Mineral Resources, ARB Corporation, Nine Entertainment and Fairfax Media gained 5.5 to 7.5 percent.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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