Major stock markets in Asia were closed Thursday in
observance of mid-autumn festivals, giving jittery investors time to absorb an announcement
by the Federal Reserve that it is ready to take more action to help the ailing
U.S. economy.
Among those that were open, Australia's benchmark stock
index edged up 0.1 percent to 4,628.8. Key indices in Thailand, New Zealand and
the Philippines posted gains, while those in Singapore, India and Malaysia
declined.
Markets in Japan, mainland China, Hong Kong and South Korea
were closed for holidays.
The pause comes a day after most Asian benchmarks ended in
negative territory. Japan, whose Nikkei 225 stock average was closed for
Autumnal Equinox Day, closed down 0.4 percent at 9,566.32 Wednesday as the yen
strengthened, with exporters, such as Toyota Corp. and Canon Inc. losing ground
in particular.
In Sydney, shares of mining giant BHP Billiton were up 32
cents, or 0.82 percent, to AU$39.22 in afternoon trading. The rise comes
despite an announcement Wednesday that Canada's Potash Corp. of Saskatchewan
had asked a U.S. court to block a $39 billion hostile takeover by BHP on the
grounds BHP has made "false statements and half-truths." BHP launched
a hostile $130-per-share takeover bid last month after Potash directors
rejected its offer as inadequate.
Malaysia's bourse was lower Thursday with blue chips
tumbling sharply amid a consolidation after the market hit a two-and-a-half
year high earlier this week. Some construction stocks however, bucked the trend
on expectations of gains from proposed infrastructure project in a 10-year
economic blueprint unveiled Tuesday.
In New York on Wednesday, the Dow Jones industrial average
fell as traders booked profits and then moved into Treasurys and gold. Major
U.S. indexes soared in September - the Dow has risen 7.5 percent - as economic
reports have consistently indicated the economy continues to grow, albeit
slowly.
The Fed didn't announce specific actions to strengthen the
economy, but investors interpreted its statement as a signal that the central
bank could step up its bond-purchasing program down the line. Investors had
little incentive to move more money into stocks, so they turned their focus to
bonds and gold.
The Fed is not alone in contemplating new monetary measures
to boost the world's No. 1 economy. The Bank of England is also seemingly
paving the way for further action to support economic growth in Britain.
In currencies, the dollar strengthened slightly against the
yen, to 84.57 from 84.52 on Wednesday, while the euro gained to $1.3392 from
$1.3390 in New York late Wednesday.
Benchmark crude for November delivery was up 12 cents to
$74.83 a barrel at midday Singapore time in electronic trading on the New York
Mercantile Exchange. The contract lost 26 cents to settle at $74.71 on Wednesday.
