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Asian markets were mixed yesterday as investors awaited what US Federal Reserve chief Ben Bernanke had to say about the future of the bank’s stimulus scheme during a congressional hearing later in the day.
Profit-taking kept stocks in check following two days of broad gains, while Japan’s Nikkei ended higher on late buying as the dollar rose against the yen following a sell-off in New York.
Tokyo added 0.11%, or 15.92 points, to 14,615.04, while Seoul rose 1.13%, or 21.13 points, to 1,887.49 and Hong Kong gained 0.28%, or 59.49 points, to 21,371.87. But Shanghai ended 1% lower, giving up 20.80 points to 2,044.92, while Sydney was flat, edging down 4.3 points to 4,981.7.
Also in the sights is a meeting of G20 finance ministers today and tomorrow in Moscow, where officials are expected to discuss the Fed’s stimulus, while Japan will hold upper house elections at the weekend.
On forex markets the dollar sank in New York as traders tentatively awaited Bernanke’s comments, ending Tuesday at ¥99.04.
But the unit made a comeback in Asia yesterday, climbing to ¥99.72 in the afternoon, while the euro bought $1.3140 and ¥131.01 against $1.3164 and ¥130.43.
Oil prices eased, with New York’s main contract, West Texas Intermediate for delivery in August, down 60¢ at $105.40 a barrel, while the new September contract for Brent North Sea crude shed 52¢ to $107.62.
Gold fetched $1,286.30 per ounce at 1030 GMT, compared with $1,291.21 late Tuesday.
In other markets, Wellington was flat, adding 2.43 points to 4,578.97; Manila shed 0.13%, or 8.83 points, to 6,574.72; Taipei was also barely moved, edging down 1.16 points to 8,258.95; Bangkok added 0.46% or 6.63 points to 1,458.08; Jakarta ended up 0.75%, or 34.96 points, at 4,679.00; Singapore closed down 0.52%, or 16.63 points, at 3,208.33; and Kuala Lumpur gained 0.13%, or 2.27 points, to 1,788.66.