Asian stock markets advanced Wednesday, with many rebounding on the back of commodity shares amid soaring gold prices.
In Tokyo, the Nikkei 225 index returned to work after a national holiday in Japan, and tacked on 41.36 points, or 0.4%, to 9,844.31.
In Hong Kong, the Hang Seng Index gained back 374.71 points, or 1.8%, to 21,614.77.
Trading volumes were thin in some markets as many investors stayed on the sidelines ahead of the results of the U.S. Federal Reserve's policy meeting. The Fed is widely expected to stand pat on rates, but investors are focused on any potential comments on the U.S. economic outlook and hints about when it could tighten policy.
Gold miners were again in the limelight, after spot gold rallied to a record high of $1,089.10 U.S. per troy ounce in late New York trade Tuesday, helped by news of the Indian central bank's purchase of gold from the International Monetary Fund. Spot gold was at $1,085.80 U.S. per troy ounce, up $1.50 from the New York close.
Sumitomo Metal Mining Co. shares rose 2.6%, outperforming the broad market in Tokyo, as did Newcrest Mining and Lihir Gold in Sydney, finishing up 3.2% and 4.4%, respectively.
Barclays Capital said gold had broken out of its recent consolidation and was now heading for the $1,100 U.S. target.
The Australian market was unable to sustain early gains, after September retail sales came in lower than expected, dropping 0.2% from August, with ANZ Bank economist Alex Joiner saying retail sales will be soft for the rest of the year.
Woolworths dropped 0.8% and Wesfarmers gave up 0.6%, though Westpac Banking Corp. gained 1.4% as its full-year results were marginally ahead of expectations.
Tokyo's chip-related shares fell after Morgan Stanley's rating cut on the semiconductor industry, with Tokyo Electron slumping 5.1%.
In Hong Kong, oil producers were being supported by gains in crude-oil futures. Cnooc rose 3% and PetroChina advanced 3.6%, also helped by Credit Suisse's rating upgrade to "neutral" from "underperform".
The South Korean market, meanwhile, was helped by a rise in financial stocks, which also recently lagged the market.
Samsung Securities soared 6.3%, KB Financial Group gained 1.8% and Shinhan Financial Group added 2.8% after reporting strong third-quarter results.
Seoul Semiconductor gained 4.7%. Singapore state investment company Temasek Holdings will invest 284.7 billion Korean won ($241 million U.S.) in the company and an affiliate through a rights offering, said Daishin Securities, which advised on the deal.
CHINA
The Shanghai’s 300 Composite Index gained another 18.46 points, or 0.5%, to 3,453.89.
Shandong Gold-Mining rose 2.1% in Shanghai and Zhaojin Mining Industry Co. added 4.2% in Hong Kong, with Zijin Mining Group Co. rising 1.5% in Shanghai and 5.7% in Hong Kong.
Chinese property developers were mostly lower on speculation that the Chinese government will end property-boosting measures by year end and some banks may soon tighten lending. China Vanke dropped 1.6% in Shenzhen, while Gemdale Corp. lost 1% in Shanghai.
Elsewhere:
Taiwan’s Taiex index added 144.11 points, or 2%, to 7,467.04
Singapore’s Straits Times index was up 27.09 points, or 1%, to 2,648.64
Korea’s Kospi index advanced 30.01 points, to 1.9%, to 1,579.93
New Zealand’s NZX Index finished 7.71 points, or 0.2%, higher to 3,166.71
Australia’s S&P/ASX 200 picked up 8.60 points, or 0.2%, to 4,540.10
