Asian stock markets had a mixed day of trading, with several major indices experiencing negative closes as investors closely monitored the upcoming Federal Reserve’s (Fed) monetary policy meeting.
In Australia, the S&P/ASX 200 ended the day at 7,230.40 points, down 48.60 points or -0.67%, while the All Ordinaries closed at 7,428.10 points, marking a decline of 54.50 points or -0.73%. The Australian market faced downward pressure, primarily due to the fall in mining stocks following a drop in commodity prices, including iron ore.
South Korea’s Composite (KOSPI) index also saw a negative trend, closing at 2,574.72 points, down 26.56 points or -1.02%. The decline was driven by a drop in semiconductor and technology stocks, as investors awaited the Federal Reserve’s monetary policy meeting later this week. The South Korean won’s strengthening against the US dollar also contributed to the market’s downward movement.
Meanwhile, China’s Shanghai Composite bucked the trend, closing positively at 3,125.93 points, up 8.19 points or +0.26%. Positive signs of economic recovery in China, including better-than-expected reports on industrial production and retail sales in August, boosted investor confidence.
Hong Kong’s Hang Seng index, however, ended on a negative note, closing at 17,930.55 points, down 252.34 points or -1.39%. Investors in Hong Kong remained cautious as they awaited the US Federal Reserve’s monetary policy meeting scheduled for September 19-20. All eyes are on Federal Reserve Chairman Jerome Powell’s press conference, which is expected to provide insights into the direction of interest rates for the remainder of the year.
It’s worth noting that the Japanese stock market remained closed on September 18 in observance of Senior Citizen’s Day. Investors across the region will continue to monitor developments in global financial markets, particularly the outcomes of the upcoming Federal Reserve meeting, as they assess their investment strategies moving forward.