Mixed Asia-Pacific stocks; Kakao Pay shares skyrocket in South Korea debut

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SINGAPORE – Asia-Pacific stocks were mixed on Wednesday morning as investors waited until the end of the two-day US Federal Reserve meeting for clues about the reduction.

Australia’s S & P / ASX 200 jumped about 1.4% as shares of BHP and Westpac rose at least 1% each.

In South Korea, the Kospi fell 0.42%. Kakao Pay shares surged in their debut on Wednesday as they more than doubled from their issue price of 90,000 Korean won. The stock was last trading around 108% above its issue price.

Kakao Games also jumped 3.47%, while shares of Kakao Corp fell 0.39% and Kakao Bank fell 4.99%.

The MSCI’s largest Asia-Pacific stock index outside of Japan traded up 0.16%.

Markets in Japan are closed on Wednesdays for a public holiday.

The Federal Reserve concluded its two-day meeting in the United States on Wednesday, with investors monitoring details of any reduction in the amount of bonds the central bank purchases each month.

A private survey of Chinese services activity in October is also expected to be released on Wednesday, with the Caixin / Markit Service Purchasing Managers Index expected at 9.45am HK / SIN.

CNBC Pro Stock Selections and Investment Trends:

Wall Street hits records again

Overnight on Wall Street, the S&P 500 climbed 0.37% to 4,630.65 while the Dow Jones Industrial Average rose 138.79 points to 36,052.63. The Nasdaq Composite rose 0.34% to 15,649.60.

Tuesday marked the third session in a row where the top three US averages closed at a record high.

Oil prices fall by more than 1%

Oil prices were down on the morning of Asian trading hours, with international benchmark Brent crude futures down 1.19% to $ 83.71 a barrel. US crude futures fell 1.57% to $ 82.59 a barrel.

The US dollar index, which tracks the greenback against a basket of its peers, was at 94.111 after a recent rally from levels below 93.9.

The Japanese yen was trading at 113.84 per dollar, lower than the levels below 113.6 seen against the greenback yesterday. The Australian dollar changed hands at $ 0.7435 after yesterday’s drop above $ 0.752.

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