Asian Stocks Close Mixed After Cautious Session

(RTTNews) - Asian stocks turned in a mixed performance on Thursday as investors made largely cautious moves after the U.S. Federal Reserve raised rates by 25 basis points and signaled another hike to fight inflation.

The central bank's latest projections suggest the Fed plans to raise rates just one more time this year to a range of 5.0 to 5.25 percent.

US Treasury Secretary Janet Yellen's comments that the regulators are not considering a "blanket insurance" for bank deposits weighed on sentiment.

The Chinese markets ended higher, extending recent gains, with technology stocks leading the surge up north.

Shanghai's Composite Index advanced 0.64 percent to 3,286.65, and the Shenzhen Component Index climbed 0.94 percent to settle at 11,605.29.

Hong Kong's Hang Seng Index surged 433.57 points or 2.21 percent to 20,025.00, led by gains in technology stocks.

Tencent Holdings climbed more than 6 percent on fairly encouraging results.

Alibaba Group Holdings, JD.com and Baidu Inc shares also posted strong gains.

The Hong Kong Monetary Authority today lifted its benchmark rate by 25 basis points, following the policy announcement of the U.S. Federal Reserve a day earlier. The HKMA adjusted the Base Rate upward to 5.25 percent from 5.00 percent with immediate effect.

Taiwan's Weighted Average Index climbed 103.49 points or 0.66 percent to 15,863.95.

Data from the Ministry of Economic Affairs shoed Taiwan's industrial production contracted for the sixth straight month in February, falling by 8.68 percent year-on-year. Industrial production fell 20.95 percent in January, the steepest decline since May 2009.

The Japanese market ended marginally down with the Nikkei 225 dropping 47 points or 0.17 percent to 27,419.61.

Dai-ichi Life, T&D Holdings, Takeda Pharmaceuticals, Concordia Financial Group, Rakuten Inc., Fujisu, Nippon Sheet Glass, Chugai Pharma and Konami Corp lost 2 to 3 percent.

NH Foods, Okuma Corp, Suzuki Motor, Dainippon Screen Manufacturing, Advantest Corp, Ebara Corp, Mitsubish Motors and Recruit Holdings ended sharply higher.

South Korea's KOSPI ended higher by 7.52 points or 0.31 percent at 2,424.48 after moving in a very tight range.

The Australian market closed weak. The benchmark S&P/ASX 200 ended down 47 points or 0.67 percent at 6,968.60, and the broader All Ordinaries Index settled lower by 52.10 points or 0.72 percent at 7,148.60.

Shares from mining and resources sectors posted notable losses.

Polynovo tumbled more than 12 percent. Megaport and Unibail Rodamco Westfield dropped about 8.4 percent and 7.6 percent, respectively. Lake Resources fell 8 percent.

Brickworks, United Malt Group, Resolute Mining and G.U.D. Holdings were among the prominent gainers.

New Zealand's NZX 50 drifted down 20.90 points or 0.18 percent to 11,566.03.

Heartland Group, Vital Healthcare, Goodman Property, Visa, Westpac Banking and Synlait Milk declined sharply.

EROAD, Serko, Mainfreight, Port Tauranga and infratl gained 2 to 4 percent.