Asian stock markets displayed varied performances in response to cues from the Dow Jones, with investors eagerly awaiting the results of the Federal Reserve (Fed) meeting. The statement from Jerome Powell, the Chairman of the Federal Reserve, was highly anticipated as market expectations leaned toward the likelihood of the Fed maintaining interest rates at the current level.
Hong Kong’s Hang Seng saw a modest dip, closing at 17,101.78 points, down by 10.70 points or -0.06%. Despite this decline, market participants were closely monitoring the developments stemming from the Fed meeting. Jerome Powell’s statement was set to provide crucial insights into the future direction of interest rates.
The South Korean Composite (KOSPI) rebounded, surging to 2,301.56 points, marking an impressive gain of 23.57 points or +1.03%. Investors exhibited a keen interest in stock purchases for speculative purposes, particularly following a recent market dip to its lowest point since January. Simultaneously, investors remained watchful of the Federal Reserve’s monetary policy meeting.
China’s Shanghai Composite maintained a positive trajectory, closing at 3,023.08 points, recording an increase of 4.31 points or +0.14%. Investor sentiment remained optimistic about the market’s outlook, despite the release of weaker economic data from China.
Australia’s S&P/ASX 200 concluded on a positive note at 6,838.30 points, registering a rise of 57.60 points or +0.85%. The All Ordinaries also displayed a gain, closing at 7,024.60 points, up by 57.10 points or +0.82%. This alignment with the positive direction of the U.S. stock market on October 31 was in response to the Fed meeting. Investors awaited the upcoming Australian trade data.
Tokyo’s Nikkei exhibited a robust performance, closing at 31,601.65 points, surging by 742.80 points or +2.41%. The depreciation of the yen against the U.S. dollar followed the Bank of Japan’s (BOJ) announcement of adjustments to its policy for controlling the bond yield curve (YCC). This move stimulated buying activity in export-oriented companies.
Asian stock markets remain influenced by global financial dynamics and central bank decisions. The outcomes of the Fed meeting hold significant implications for the trajectory of interest rates and market sentiment.