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Asian stocks lower following Fed's decision China shares power on to make the region's only gains
(about 7 hours later)
Stocks in Asia were lower on Monday following Wall Street's lead after the US Federal Reserve's decided not to raise interest rates last week. Mainland Chinese shares were the lone winners in Asia on Monday as the rest of the region headed lower on lingering worries about weaker global growth.
Australia's benchmark S&P/ASX 200 index was down 2.57% at 5,037.80 points in early trade. The Shanghai Composite ended up 1.9% to 3,156.54 despite the US Federal Reserve's decision to hold off raising interest rates last week, in part due to a slowing Chinese economy.
While South Korea's Kospi was down 1.45% at 1,967.10. Shares in small-cap companies rebounded strongly, making up for recent losses.
Analysts said investor sentiment had been hit by the Fed's concerns over weakening global growth and recent stock market volatility. But Hong Kong's Hang Seng index closed down 0.8% to 21,756.93 points.
"The real dovish tone of the [Fed's] statement, press conference and the Q&A has led to the conclusion that the Fed is becoming increasingly concerned about the global backdrop," said market strategist Evan Lucas. "This will led to very open-ended interpretations," he added. "The real dovish tone of the [Fed's] statement, press conference and the Q&A has led to the conclusion that the Fed is becoming increasingly concerned about the global backdrop," said market strategist Evan Lucas.
Mr Lucas also said the market was becoming harder and harder to define, but said "if emerging market risk coupled with a low growth European environment is affecting Fed decision making, sentiment uncertainty will amplify - and it did during the US trading session, with a massive sell-off on Friday." Trading was also lighter than usual with the region's biggest market, Japan, closed until Wednesday for public holidays.
In China, the benchmark Shanghai Composite was down 0.43% at 3,085.77, while Hong Kong's Hang Seng was down 1.22% at 21,655.09 in early trade. In the meantime, investors are looking ahead to flash manufacturing activity readings from China and the euro zone on Wednesday for an indication on where the global economy is heading.
Markets in Japan are closed until Wednesday. In Australia, the benchmark S&P/ASX 200 index closed down 2% to 5,066.2 - leading the region's losses.
South Korea's Kospi finished down 1.6% to 1,964.68 after hitting a five and a half week high in the previous session.
The benchmark index also ended a four-day winning streak.