Asian markets closed mixed Thursday in what proved to be a choppy session after the U.S. Federal Reserve raised interest rates for the first time this year.
The Nikkei 225 Index returned from holiday Thursday with a gain of 211.02 points, or 1%, to 21,591.99, with the mining sector gathering 4.6%, and oil sector climbing 3.1%
The Hang Seng Index dumped 343.47 points, or 1.1%, to 31,071.05. Most sectors fell, with technology names dragging on the index, although oil producers firmed.
In corporate news, tech giant Tencent Holdings fell 3.8%, after signaling more investments were in the works. It had announced that net profit for the quarter ending Dec. 31 rose 98% to 20.8 billion yuan ($3.3 billion U.S.) on Wednesday, topping expectations.
The U.S. Federal Reserve raised rates by 25 basis points to a range of 1.5% to 1.75% at the end of its policy meeting on Wednesday, as was widely expected.
In currencies, the U.S. dollar remained on the back foot after its overnight fall. Analysts indicated that one reason for the decline was due to some investors having expected the Fed's "dot plot" to reflect four rate hikes instead of the three that it maintained for this year.
The dollar index, which tracks the greenback against six rival currencies, stood at 89.602 late in the trading day. Against the yen, the U.S. dollar slipped further below the 106 handle to trade at 105.84.
Meanwhile, the Hong Kong dollar slid to a fresh 33-year low during the session.
Korean markets gained enough ground to achieve a seven-week high. The manufacturing sector closed mostly lower, but brokerages and oil-related stocks climbed, contributing to overall gains.
Index heavyweight Samsung Electronics also contributed to the move higher, closing up 1.4%.
Australian markets gave up ground, as declines were seen in all sectors except energy, materials and gold producers.
Mining majors closed firmly in positive territory, while oil producers gained as oil prices steadied after soaring overnight. Woodside Petroleum gained 2.2% and Beach Energy advanced 2.8%
CHINA
The CSI 300 dropped 40.7 points, or 1%, to 4,020.35
Losses on the mainland also came after media reports that the People's Bank of China raised the interest rate on seven-day reverse repurchase agreements, referred to as reverse repos, by five basis points. That move came after the Fed’s rate moves.
In other markets
In Taiwan, the Taiex slipped 5.23 points, or 0.1%, to 11,005.84
In Korea, the Kospi acquired 11.05 points, or 0.4%, to 2,496.02
In Singapore, the Straits Times Index fell 19.76 points, or 0.6%, to 3,491.37
In New Zealand, the NZX 50 dipped 7.48 points, or 0.1%, to 8,600.81
The ASX 200 faltered 13.12 points, or 0.2%, to 5,937.15
