Market Report – Asian Markets Mixed, Eye Fed Meeting

In today’s market report… Asian stock markets inched up Monday, with investors sidelined by a Japanese holiday and a key U.S. central bank meeting.

The Federal Reserve is not expected to announce new policy measures late Tuesday, but markets will be focusing on Chairman Ben Bernanke’s assessment of the U.S. economy, and hints of future action.

Overall trading volumes were light, with many markets also on a shortened trading week due to mid-autumn related festivities.

Stocks in South Korea and Taiwan edged to higher closes, with tourism stocks lead gains in Taipei’s TAIEX, while banks lifted the KOSPI to a new 27-month high.

Hong Kong stocks traded flat as investors took profits after the Hang Seng’s 5-month peak, while stocks in Shanghai pared earlier losses.

The Shanghai Composite was slightly weaker coming back midday, and ahead of a 3-day holiday that starts Wednesday.

Higher gold and copper prices did not lift Sydney stocks, which retreated on broad profit-taking.

Miners and banks led losses, but shares of ANZ Bank rose, on news it had completed its due diligence on possible acquisition target Korea Exchange Bank.

Foto: NTDTV