HONG KONG: Asian markets mostly fell yesterday as a broadly positive lead from Wall Street was offset by caution before the United States Federal Reserve's policy meeting. Profit-takers moved in after Monday's gains, which were fuelled by the decision of fiscal hawk Larry Summers to quit the race to become the next US Fed chairman.
Tokyo gave up early gains to end 0.65 per cent lower, slipping 93.00 points to 14,311.67, and Seoul shed 0.39 per cent to close at 2,005.58.
Meanwhile, Shanghai slipped 2.05 per cent, or 45.84 points, to 2,185.56 and Sydney was almost unchanged, edging up 3.2 points to end at 5,251.2.
With few catalysts to drive buying, the focus is on the two-day Fed meeting that ends today. While investors expect policymakers to begin winding down the monthly stimulus programme, the key question is the pace of the drawdown.
In other markets:
* Taipei was flat, edging down 5.56 points to 8,249.78. Hon Hai Precision fell 0.13 per cent to T$75.9 while Taiwan Semiconductor Manufacturing Co was unchanged at T$105.5.
* Wellington was also flat, edging up 4.40 points to 4,698.03. Telecom rose 1.72 per cent to NZ$2.36 and Fletcher Building was down 1.55 per cent at NZ$9.50.
* Manila rose 0.66 per cent, or 41.43 points, to 6,344.14. Ayala Land rose 2.17 per cent to 28.25 pesos, while SM Prime Holdings advanced 2.36 per cent to 17.38 pesos. SM Investments fell 1.24 per cent to 795 pesos.
* Jakarta ended down 0.10 per cent, or 4.62 points, at 4,517.62. Miner Aneka Tambang rose 0.68 per cent to 1,470 rupiah, while cigarette maker Gudang Garam lost 0.69 per cent to close at 43,000 rupiah.
* Bangkok also ended flat, slipping 0.09 per cent, or 1.33 points, to 1,443.78. Thai Union Frozen Products jumped 7.00 per cent to 53.50 baht, while telecoms company True Corp lost 3.61 per cent to 8.00 baht.
* Mumbai rose 0.31 per cent, or 61.56 points, to end the day's trade at 19,804.03. Outsourcer Wipro rose 5.41 per cent to 475.35 rupees while rival Tata Consultancy Services gained 2.38 per cent to 1,947.05 rupees. AFP