Chinese stocks moved lower, as property developers continued to weigh on the market, while the rest of Asia was softer ahead of the conclusion of the U.S. Federal Reserve’s policy meeting.
Japan’s Nikkei 225 index advanced 51.25 points, or 0.4%, to 14,462.52, giving up its earlier gains as the yen strengthened against the U.S. dollar. The greenback was last at ¥101.32 compared with ¥101.43 late Tuesday in New York.
The Hang Seng Index in Hong Kong shed 14.81 points, or 0.1%, to 21,568.69
In corporate news, shares in Japan Display Inc. slumped 15% on debut trading in Tokyo. The world’s largest manufacturer of screen for smartphones and tablets raised as much as $3.2 billion U.S. earlier this month in a deal that was priced at the bottom of the proposed range.
Japan Display’s poor start came just one day after shares in Hitachi Maxell Ltd. sank 5% below its IPO price on its debut trading Tuesday.
The performance for these companies suggests that demand for new listings in Japan might not be strong, and that could bode badly for railway and hotel operator Seibu Holdings Inc., which has a listing next month that could raise as much as $4.9 billion U.S.
CHINA
Local sentiment continued to be weighed by concerns over the property sector--a key driver of the Chinese economy that accounts for 16% of gross domestic product. So far this week, data showed that growth continued to moderate in property developers, while a real-estate firm in eastern China was unable to pay almost $600 million U.S. in debt.
The Shanghai CSI 300 Index slid 17.26 points, or 0.8%, to 2,120.87
Shares in developers fell for a second day, with China Vanke Co. down 3.8% in Shenzhen and China Resources Land 2.3% lower in Hong Kong.
In other markets;
In Taiwan, the Taiex dropped 42.48 points, or 0.5%, to 8,689.46
Singapore’s Straits Times Index slipped 13.09 points, or 0.4%, to 3,080.75
Korea’s Kospi Index took off 2.53 points, or 0.1%, to 1,937.68
The New Zealand Exchange 50 index gained 19.05 points, or 0.4%, to 5,154.72
In Australia, the S&P/ASX 200 gained 11.03 points, or 0.2%, to 5,355.60.
