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Asian Stock Markets Close Higher as Investors Await Fed Meeting Outcome

Asian stock markets ended higher on Wednesday, with investors closely watching the outcome of the Federal Reserve’s monetary policy meeting. The Nikkei in Tokyo closed unchanged at 27,346.88, with a slight gain of 19.77 points, or +0.07%.

In Australia, both the S&P/ASX 200 and the All Ordinaries rebounded to nine-month highs, closing at 7,501.70 and 7,709.70 respectively, with gains of 25.00 points and 23.60 points or +0.33% and +0.31% respectively, driven by a rise in real estate stocks.

The Shanghai Composite in China closed up at 3,284.92, with a gain of 29.25 points, or +0.90%, as the country’s manufacturing sector saw a recovery in January.

Hong Kong’s Hang Seng closed higher at 22,072.18, with a gain of 229.85 points, or +1.05%, in response to the Dow Jones’ gains in New York, which closed higher the previous day after a slowdown in US labor costs was reported in the fourth quarter of 2022.

In South Korea, the KOSPI rose cautiously to 2,449.8 points, with a gain of 24.72 points, or +1.02%, ahead of the Federal Reserve’s interest rate decision.

Meanwhile, in Thailand, the SET closed higher at 1,685.75 points, with a gain of 14.29 points or +0.85%, supported by leading retail and electronics groups.

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