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Asian stock markets closed mixed as anticipation mounts for Fed rate decision

The Asian stock markets closed mostly in positive territory, with the exception of Shanghai and Hong Kong. The focus this week will be on the meeting of the U.S. Federal Reserve and its further interest rate policy. Will the Fed raise interest rates by 0.75% or 1%, that will be the central question this week. After that, it will be crucial how the other central banks react. Will they follow the Fed and risk rate hikes? This could allow the local currency to keep pace with the U.S. dollar, despite the threat of a slowdown in the local economy.

—– The Nikkei in Tokyo closed at 27,715.75, up 60.54 or +0.22% as technology stocks rallied. The best performers were Astellas Pharma Inc.+3.18%, Tokyo Electron+3.10%, and Chugai Pharmaceutical+2.70%. The worst performers were Chubu Electric Power Co, Inc.-2.30%, Yokohama Rubber-2.24%, and Mitsubishi Motors Corp.-2.22%.

—– In Australia, the S&P/ASX 200 closed at 6,823.20 points, up 15.90 or +0.23%, and the All Ordinaries closed at 7,038.10 points, up 12.90 or +0.18%. The winners were Zip (+20.98%), Clinuvel Pharmaceuticals +8.03%, and Silver Lake Resources+6.02%. The losers were Champion Iron Ltd-4.54%, Iluka Resources-4.32%, and Bluescope Steel-3.83%.

—– The South Korea Composite (KOSPI) closed at 2,415.53 points, up 2.57 points or +0.11%. The best performers were Sam Young Chem (+29.91%), Xi S And D (+22.53%), and Wellbiotec Co, Ltd (+17.52%). The worst performers were Automobile & Pc-7.64%, Krafton-6.23%, and Pyung Hwa Ind-5.76%.

—– China’s Shanghai Composite closed at 3,275.76 points, down 1.68 points or -0.05%, with investors trading cautiously. The losers were Zhejiang Ausun Pharma-10%, Hainan Haiqi Transportation-9.99%, and Nanning Chemical-9.96%. The top gainers were Lingda (+19.99%), Guangzhou Hangxin Aviation (+17.73%), and Jiayuan Science and Technology (+16.44%).

—– The Hang Seng in Hong Kong closed down 235.84 points or -1.13% at 20,670.04 points. The losers were Redco Healthy Living(-82.79%), Country Garden Services(-21.97%), and Sheng Yuan(-18.92. %). The winners were Huijing Holdings+53.89%, Sino Golf+43.64%, and Daohe Global+20.74%.

—– The SET closed at 1,576.41 points, up 23.23 points or +1.50%. The winners were Delta Electronics +23.80%, PP Prime +18.18% and SVI +8.97%. The losers were NFC-3.64%, EMC-4.55%, and Plastic and Thai Packaging-5.43%.

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