Asia shares rise as Fed meeting wraps up

A man walks past an electronic stock board of a securities firm in Tokyo on Oct. 28, 2014. Asian markets rose Wednesday, Oct. 29, following strong gains on Wall Street, as traders awaited news from the US Federal Reserve about interest rate plans for the world’s largest economy. AP PHOTO/EUGENE HOSHIKO

HONG KONG–Asian markets rose Wednesday following strong gains on Wall Street, as traders awaited news from the US Federal Reserve about interest rate plans for the world’s largest economy.

Tokyo gained 1.46 percent, or 224.00 points to close at 15,553.91 while Seoul jumped 1.84 percent, or 35.49 points, to end at 1,961.17.

Hong Kong was up 1.27 percent, or 299.51 points, to 23,819.87, while Shanghai rallied 1.50 percent, or 35.16 points, to 2,373.03 at the close, after Monday’s sell-off, sparked by news of a delay in plans for a cross-trading platform between the two markets.

Sydney bucked the regional trend, slipping 0.09 percent, or 4.90 points, to finish at 5,447.7.

Wall Street provided a healthy lead, with the Dow jumping back above 17,000 on Tuesday following a strong report on US consumer confidence and another round of mostly solid corporate earnings.

The Fed ends a two-day policy meeting on Wednesday, with traders expecting the central bank to end the vast asset-purchase stimulus program credited with propping up US growth after the 2008 financial crisis.

Economists and traders widely anticipate that the Federal Open Market Committee will use a post-meeting statement, due at 1800 GMT, to announce the end of the six-year-old “quantitative easing” scheme.

But traders are more interested in what policymakers have to say about interest rates.

The Fed is expected to stay the course on near-zero rates, after repeatedly saying the first rise would come “a considerable time” after the bond-buying stops.

On foreign exchange markets the greenback fetched 108.12 yen in afternoon Tokyo trade against 108.16 yen in New York. The euro was nearly flat at $1.2737 from $1.2733 and 137.73 yen against 137.74 yen.

Oil prices edged higher as traders awaited the Fed statement and looked to the weekly US inventories report due Wednesday, which will give clues about demand in the world’s top crude consumer.

US benchmark West Texas Intermediate for December delivery rose 29 cents to $81.71 while Brent crude for December was up 38 cents at $86.41 in afternoon trade.

US oil reserves are expected to have risen by 3.1 million barrels in the week to Oct. 24, according to the consensus estimate of analysts polled by the Wall Street Journal.

The expected surge in stockpiles, coming after a 7.1 million rise last week, could add to worries about a global oversupply and put pressure on crude prices.

Gold was at $1,227.70 an ounce, against $1,230.40 late Tuesday.

In other markets:

— Bangkok closed up 0.39 percent, or 6.14 points, to 1,562.67.

Telecoms company Advanced Info Service fell 2.10 percent to 233 baht, while Electricity Generating Public Company dropped 0.88 percent to 169 baht.

— Jakarta ended up 1.45 percent, or 72.75 points, at 5,074.06.

Bank Negara Indonesia gained 1.78 percent to 5,725 rupiah, while state miner Aneka Tambang slipped 0.53 percent to 940 rupiah.

— Kuala Lumpur was up 13.87 points, or 0.76 percent, to close at 1,839.55.

Financial firm CIMB Group Holdings added 3.7 percent to 6.43 ringgit, while Telekom Malaysia rose 1.9 percent to 7.05. Budget carrier AirAsia lost 0.8 percent to 2.37 ringgit.

— Mumbai advanced 0.81 percent, or 217.35 points, to end at 27,098.17.

Hindalco Industries rose 5.95 percent to 156.65 rupees, while Dr Reddy’s Laboratories fell 1.11 percent to 3,046.35 rupees.

— Singapore closed up 0.39 percent, or 12.38 points, to 3,224.03.

Oil rig maker Keppel Corp. rose 0.97 percent to Sg$9.40, while DBS Bank gained 0.66 percent to Sg$18.43.

— Taipei rose 130.13 points, or 1.48 percent, to 8,903.68.

TSMC rose 0.78 percent to Tw$129.0, while HTC fell 0.38 percent to Tw$131.5.

— Wellington rose 17.45 points or 0.33 percent at 5,355.88.

Fletcher Building was up 0.96 percent to NZ$8.45 and Chorus lifted 1.45 percent to NZ$2.10.

— Manila closed up 0.38 percent, or 26.57 points, to 7,093.31.

Top-traded Philippine Long Distance Telephone closed 1.07 percent lower at 3,158 pesos, while Universal Robina gained 0.44 percent to 183.40 pesos