Markets mixed as investors look to Fed rate cut
Asian stock markets were mixed yesterday Tuesday Dec 16 as analysts predicted the US Federal Reserve would cut interest rates to almost zero in a new move to tackle the world economic downturn.
“Short-term investors maintained a cautious stance ahead of the FOMC’s decision on interest rates late Tuesday,” one Malaysian dealer told Dow Jones Newswires. “Investors will continue to look for direction from US stocks.”
Currency traders work in a dealing room at the Korea Exchange Bank in Seoul on December 15, 2008. US stocks rallied Tuesday, capping a strong day for global markets, as the Federal Reserve cut its key rate to near zero and pledged more steps to revive a sagging economy.
(AFP/File/Jung Yeon-Je)
TOKYO: Shares eased after Wall Street retreated overnight. The Nikkei dropped 96.64 points, or 1.12%, to 8,568.02.
HONG KONG: Share prices closed 0.6% higher yesterday. The benchmark Hang Seng Index was 83.26 points up at 15,130.21.
SINGAPORE: Shares closed 0.41% higher yesterday in a market lacking direction, dealers said. The blue-chip Straits Times Index rose 7.33 points to 1,782.09 .
SYDNEY: Share prices closed down 1.0% with the energy and materials sectors hit hardest.
The benchmark S&P/ASX200 lost 35.2 points to 3,556.2, while the broader All Ordinaries dropped 36.8 points to 3,498.9.
SHANGHAI: Shares closed up 0.54%, reversing early losses as carmakers and property developers advanced on hopes of further government support measures. The benchmark Shanghai Composite Index rose 10.63 points to 1,975.01.
TAIPEI: Share prices closed flat as investors awaited a move on the US bailout plan for carmakers and a decision on interest rates by the Federal Reserve. The weighted index edged up 3.17 points, or 0.07%, at 4,616.89.
SEOUL: Shares closed 0.3% higher on expectations of a bailout for US car makers and hopes that a government stimulus plan will pick up the local economy. The Kospi ended up 3.37 points at 1,161.56.
BANGKOK: Shares closed 1.89% higher on rising hopes for a period of political calm at home . The composite index rose 8.25 points to 445.31 while the blue-chip SET-50 index gained 6.50 points to 315.26.
JAKARTA: Shares dropped 1.2% due to profit-taking after recent rises and weak sentiment in neighbouring markets. The composite index slipped 16.44 points to 1,342.84 in thin volume.
MANILA: Share prices closed 1.2% lower as investors sold off index heavyweight Philippine Long Distance Telephone.
The composite index fell 23.94 points to 1,889.32, while the all-share index fell 12.9% to 1,196.96 points.
MUMBAI: Shares rose 1.47%, on expectations that the US Federal Reserve would cut rates. The benchmark 30-share Sensex index rose 144.59 points to 9,976.78.
EUROPE: London’s FTSE 100 index was up 0.74% at 4,309.08 points, in Paris the CAC 40 was 2.07% higher at 3,251.66 points, while the Frankfurt Dax gained 1.61% to close at 4,729.91 points.
Category: Stocks
