Asian markets took a breather in Tuesday's trading, with most markets ending mildly in the red on profit-taking, ahead of the U.S. Federal Reserve meeting. Only China and Hong Kong bucked the trend.
In Japan, the Nikkei ended a two-day winning streak, closing down 47 points, or 0.26%, at 16,651, while the Topix ended flat, down 0.72 points, at 1607.21. In Korea, last week's run of gains came to a standstill, with the Kospi falling 10.5 points, or 0.5%, to close at 2052.37.
Indian markets, which staged a rally yesterday to a record high, ended in red territory too. The BSE Sensex slid 194 points, or nearly 1%, to 19,783.
"Markets have rallied so much that most companies are already well past their target prices," says Winner Lee, an associate director at BNP Paribas in Hong Kong. "Hedge funds are relatively quiet because they like to buy into volatility." ...
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