Asian Stocks Inch Higher, Awaiting U.S. Rate Meeting
May 02, 2011
Tokyo share prices gained ahead of the U.S. Federal Reserve Board's Federal Open Market Committee meeting on Tuesday, where it is expected to maintain current interest rate levels. Australian share prices advanced, supported by a higher close on Wall Street overnight. The market also awaited word of the government's budget, which was released after the close of trading. In Hong Kong, late buying pushed share prices up after the market was flat for most of the session. In Taiwan, stocks were moderately higher in light dealings amid concerns about relations with China. Malaysian share prices rose slightly in a sluggish trading day. Singapore shares rose as takeover rumors among speculative shares fueled the market. Philippine stocks were flat while foreign investors awaited the fate of U.S. interest rates, while Thai share prices were mixed. The key South Korean index fell below 800 for the first time in 33 months. Indonesian shares prices rose slightly as investors bought small stocks and hunted for bargains. In dollar terms, the Dow Jones China 88 Index fell 2.60 to 95.29 Tuesday, after falling 2.16 a day earlier. The Dow Jones Shanghai Index fell 1.97 to 103.58, following Monday's 2.55 loss. The Dow Jones Shenzhen Index stumbled 4.28 to 101.25, after slipping 2.38 the previous day. The Asian-Pacific sector of the Dow Jones World Stock Index fell 0.28 to 117.17 Tuesday, following Monday's gain of 0.28. The world as a whole rose 0.05 to 139.16, after rising 0.18 the previous day. Oil-drilling and oilfield-equipment shares led Dow Jones Global Industry Groups, while biotechnology and fishing issues were among the laggers. Asian Stock Market Indexes Market Australia
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