Most of Asian stock markets posted losses Tuesday as euphoria over the Fed’s stimulus faded, pulling back from rally that drove some benchmarks to record highs.
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Japan\'s Nikkei 225 stock average tumbled 0.5 percent to 9,689.28. Australia\'s S&P/ASX 200 lost 0.9 percent to 4,736.40. China\'s Shanghai Composite Index shed 0.6 percent to 3,141.079.
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Hong Kong shares were in red Tuesday afternoon with Hang Seng Index was down 0.5 percent to 24,852.30. Real-estate stocks were weak, with Sino Land Co. falling 5.9% after its announcement of share sale.
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On the contrary, markets in Singapore, Taiwan, and South Korea were higher.
The Kospi edged up 0.1 percent to 1,944.26.?
Indexes in Indonesia, India, Malaysia, and the Philippines have hit new highs recently. Global stocks and commodities gained extension last week thanks to the U.S. Fed’s approval of $US600 billion worth of Treasuries over the following eight months to stoke the sluggish economy.
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Gold price set a new record high, above $1,400 an ounce as investors are turning to precious metals to preserve their wealth. They remain worried about inflationary pressures. According to Miguel Perez-Santalla, vice president of sales at Heraeus Precious Metals Management, gold price is going to set new highs if investors continued buying precious metals in stead of other recourses.
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Gold futures edged higher on Globex during Asia’s Tuesday morning trading, hiking to a fresh intraday high of $1,410.10 an ounce.
Futures prices marked a record closing high of $1,403.20 in New York on Monday.?
In Monday’s trading, U.S. stocks retreated from more than two-year highs amid resurfacing worries about Europe’s unsettled debt issues.
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The Dow Jones Industrial Average left six straight sessions higher, falling 0.3% to 11,406.84. The S&P 500 Index shed 0.2% to 1,223.25 while the Nasdaq Composite Index closed up 1.07 points to 2,580.05.
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Tyco International Ltd, Sempra Energy, and Marsh & McLennan Cos are among the companies whose shares are projected to see active trade in Tuesday’s session.
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