Asian indexes were on either side of the flatline Wednesday amid caution ahead of a key monetary policy announcement by the U.S. central bank.
On the gainers' side, China's Shanghai Composite climbed 0.6% while Hong Kong's Hang Seng edged up 0.2% on hopes of further policy stimulus. Local media reports said the ruling government pledged to achieve steady economic growth in the second half of the year, and further added it would seek stable and healthy development of the property market.
Australia's S&P/ASX All Ordinaries, meanwhile, added 0.6% amid hopes of further rate cut by the central bank.
The Fed is expected to announce the conclusion of its two-day policy meeting later today. Investors are keeping a close watch on this event to get further cues on the likely timing of reductions in the Fed's asset-purchase program. Earlier in June, the central bank had hinted that it would scale back its monthly bond-buying program over the short-run if the U.S. economy continues to show signs of growth.
Stocks on the Move
Chinese property developers bounced high as hopes of further stimulus in the sector grew. In Hong Kong, Poly Property Group soared over 5% and China Resources Land gained 4.9%.
On the mainland, Gemdale Corp., Poly Real Estate and China Vanke were trading above 4.5% each.
Metal players also moved higher adding to the broader gains. Jiangxi Copper added 1.1%, Aluminum Corp. of China moved 1.2% higher while Zijin Mining Group was up 3.1%.
Among financials, HSBC Holdings Plc. and Hang Seng Bank climbed 0.4% each while China Construction Bank rose 1.4%.
Sydney-listed banking firms were also trading mostly higher as hopes of an interest rate cut grew after Governor Glenn Stevens of the Reserve Bank of Australia passed dovish comments on Tuesday.
Westpac Banking Group added 1.4%, NAB climbed 0.4% while Commonwealth Bank added 0.7%.
In corporate news, Qantas Airways said it would hike fares on international and domestic flights as a weaker Australian currency increased its jet fuel costs. Shares were trading 0.4% lower on heels of the announcement.
In Mumbai, stocks pulled lower even as the Indian currency slid against the dollar, heading towards its record low of 61.21 per dollar.
Among the top losers, NTPC tumbled 5.5%, ONGC plunged 4.7%, Gail India slumped 3.7% and Jindal Steel fell 3.5%.
In banks, ICICI Bank lost over 3%, HDFC Bank retreated over 2% while state-run SBI slipped 1.5%.
On the earnings front, telecom giant Bharti Airtel jumped 3.5% after posting better-than-expected net profit for the April-June quarter.
HCL Technologies also posted upbeat fourth quarter results; shares were up 2%.
Some earnings were also in focus in Tokyo, adding some gains to an otherwise lacklustre session due to a stronger yen.
Softbank Corp. rose 1.8% after posting more than double increase in its quarterly net profit. Hitachi Ltd. surged 5.6% after its first quarter operating profit topped analysts' estimates. KDDI Corp. vaulted 6.7% and Tokyo Electron Ltd. bounced 4.7% after updating investors.
Most other exporters were, however, mostly lower as the yen grew stronger against the dollar, hurting their earnings outlook.
Top losers included Sharp Corp. (-4.2%), Nintendo Co. (-2.6%) and Advantest Corp. (-3.3%).
Power utilities and retailers added to the broad market losses. Tokyo Electric Power slumped 6.3% while Kansai Electric Power pulled back 4.6% even as retailers J. Front Retailing and Fast Retailing dropped 3.5% and 2.8% respectively.