Traders work at the Hong Kong Stock Exchange. Shares closed up 118.13 points to 25,112.23 yesterday.

AFP/Tokyo

Asian shares mostly rose yesterday after the S&P 500 index notched up a record high, as traders awaited a keynote speech by the Federal Reserve chief for clues on the timing of interest rate hikes.

Hong Kong gained 0.47%, or 118.13 points, to 25,112.23, Shanghai added 0.46%, or 10.35 points, to 2,240.81 and Sydney rose 0.12%, or 6.74 points, to 5,645.6. Seoul climbed 0.61%, or 12.49 points, to 2,056.70 but Tokyo slipped 0.30%, or 47.01 points, to 15,539.19.

In other markets, Bangkok added 0.36%, or 5.56 points, to 1,556.97; construction materials firm Siam Global House soared 7.58% to 14.20 baht, while department store operator Central Pattana rose 4.86% to 48.50 baht.

Jakarta ended down 0.14%, or 7.24 points, at 5,198.90; Asia Pacific Fibers fell 1.52% to 65 rupiah, while cement maker Indocement Tunggal Prakarsa rose 1.81% to 25,350 rupiah.

Kuala Lumpur slipped 0.20%, or 3.82 points, to 1,870.99; Malaysia Airlines dropped 1.9% to 0.255 ringgit, plantation giant IOI shed 1.7% to 4.75 ringgit while utility Tenaga Nasional gained 0.5% to 12.50 ringgit.

Singapore edged up 0.04%, or 1.41 points, to 3,325.50; Oversea-Chinese Banking Corp fell 0.29% to Sg$10.41 while real estate developer Capitaland rose 1.20% to Sg$3.37.

Wellington advanced 0.27%, or 14.08 points, to 5,167.00; Spark was off 1.72% at NZ$2.86 after a lacklustre annual result but Trade Me was up 1.30% at NZ$3.68.

Taipei jumped 1.37%, or 126.72 points, to 9,380.10; Hon Hai rose 1.38% to Tw$110.0 while TSMC was 0.8% higher at Tw$125.5. Manila gained 0.52%, or 36.60 points, to 7,133.09; Alliance Global climbed 3.09% to 25pesos, Ayala Corp inched up 0.35% to 725pesos, while Globe Telecom added 3.19% to 2,008pesos.

The upward momentum followed a rally on Wall Street as investors shrugged off geopolitical concerns, cheered by fresh signs of strength in the US economy.

The broad-based S&P added 0.29% to hit a record 1,992.37, while the blue-chip Dow Jones Industrial Average gained 0.36% to 17,039.49.

The tech-rich Nasdaq Composite rose 0.12% to 4,532.10, its highest level in 14 years. Investors took encouragement from a host of positive data on the US economy—including a pick-up in existing-home sales in July and a downturn in new claims for unemployment insurance.

All eyes were on the Fed’s annual monetary policy meeting in Jackson Hole, Wyoming, where the heads of the US and eurozone central banks will speak.

Fed chair Janet Yellen is scheduled to speak first,  followed by Mario Draghi, the European Central Bank president.

Investors will be closely monitoring Yellen’s speech for any hint of a change to the Fed’s interest rate plans.

Last month Yellen told Congress the Fed would hold its near-zero interest rate policy until the US economy strengthens, but may raise rates if the jobs market continues to improve.

“This forum has been known to signal the Fed’s intentions and at the very least guide market direction with regards to policy. So there is often a lot of anticipation,” the National Australia Bank said in a note.

The dollar inched down ahead of the symposium, changing hands at 103.71 yen in afternoon Asian trade, compared with 103.85 yen in New York Thursday afternoon.