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Asian markets fall as investors digest Fed statement Chinese shares hit by IPO wave
(about 1 hour later)
Asian stocks were mostly lower after the Federal Reserve said there would be "only gradual increases" in interest rates by the end of the year if the US economy seemed strong enough. Mainland Chinese shares saw sharp falls as a huge wave of initial public offerings on Thursday put pressure on the market.
Eleven companies, including brokerage giant Guotai Junan Securities, started taking investor subscriptions and another nine will follow on Friday, tying up more liquidity.
The Shanghai Composite dropped 3.7% to close at 4,785.36.
Hong Kong's benchmark Hang Seng index closed down 0.2% at 26,694.6
The rest of Asian stocks were mostly lower after the Federal Reserve said there would be "only gradual increases" in interest rates by the end of the year if the US economy seemed strong enough.
The US central bank has kept its benchmark borrowing costs near record lows since 2008.The US central bank has kept its benchmark borrowing costs near record lows since 2008.
Japan's Nikkei 225 fell 1.1% to close at 19,990.82 and the broader Topix shed 1% to 1,616.66.Japan's Nikkei 225 fell 1.1% to close at 19,990.82 and the broader Topix shed 1% to 1,616.66.
Stocks in Japan were also hit as the yen strengthened against the dollar. Stocks in Japan were also hit as the yen strengthened. The dollar slipped to 122.96 yen from 123.43 yen in New York trading.
The dollar slipped to 122.96 yen from 123.43 yen in New York trading.
Hong Kong's Hang Seng was flat and the Shanghai Composite slipped 1.3%.
In Australia, the benchmark S&P/ASX 200 closed 1.3% lower at 5,524.90.In Australia, the benchmark S&P/ASX 200 closed 1.3% lower at 5,524.90.
South Korea's Kospi index bucked the trend, rising 0.3% to close at 2,041.88. However, South Korea's Kospi index bucked the trend, rising 0.3% to close at 2,041.88.
Bernard Aw, market strategist at IG said the Fed was "once again, and not unexpectedly, coy about the timing of the rate lift-off".
"Rate-sensitive counters may not be that impressed with the still rather ambiguous outlook for when and by how much US interest rates are going to go up."
Mr Aw added that with the Fed meeting out of the way, for markets "Greece is the key headline risk now".
Market moversMarket movers
In the currency markets, the New Zealand dollar fell by 1% after the country reported its slowest pace of quarterly growth in two years.In the currency markets, the New Zealand dollar fell by 1% after the country reported its slowest pace of quarterly growth in two years.
New Zealand expanded by a seasonally adjusted 0.2% in the first three months of the year after a drought hit its farming sector.New Zealand expanded by a seasonally adjusted 0.2% in the first three months of the year after a drought hit its farming sector.
The numbers were below market estimates and increased speculation the Reserve Bank of New Zealand will cut interest rates again next month. The numbers were below market estimates and increased speculation that the Reserve Bank of New Zealand will cut interest rates again next month.
Meanwhile, shares of AirAsia rose nearly 6% after the Malaysian budget carrier defended its financial and accounting practices after they were questioned by a research firm. Meanwhile, shares of AirAsia rose by more than 9% after the Malaysian budget carrier defended its financial and accounting practices after they were questioned by a research firm.
AirAsia's shares have fallen by about 30% after GMT Research issued a report on the company on 10 June.AirAsia's shares have fallen by about 30% after GMT Research issued a report on the company on 10 June.