Asian shares got a boost on Tuesday from Wall Street's rise, as investors positioned for the possibility that weaker-than-expected US data will prompt the Federal Reserve to adopt a cautious stance this week.
Crude oil remained under pressure from a global supply glut, after US crude lost as much as 4 per cent in the previous session to hit a six-year low. It was last down about 0.4 per cent at US$43.72 a barrel.
The Federal Open Market Committee is scheduled to begin its two-day policy meeting later on Tuesday, and many analysts had expected the central bank to drop the word "patient" from its formal statement on the timing of its first interest rate increase since 2006. Economists polled by Reuters split almost evenly on whether a rate increase will come in June or later in the year.
Tokyo (Nikkei Average NIK, +1.00% ) up 1%
Hong Kong (Hang Seng Index HSI, +0.31% ) up 0.3%
Shanghai (Shanghai Composite Index SHCOMP, +1.16% ) up 1.2% (at break)
Sydney (S&P/ASX 200 XJO, +0.99% ) up 1%
Seoul (Kospi SEU, +1.88% ) up 1.7%
Mumbai (Sensex 1, +0.49% ) up 0.6%
Taipei (Taiex Y9999, +0.43% ) up 0.5%
SINGAPORE share prices opened higher on Tuesday with the Straits Times Index (STI) up 16.70 points to 3,392.74 as at 9.02am, as US stocks gained on Monday ahead of the Federal Reserve meeting.
Top gainers at the market's opening include DBS, UOB and Singapore Exchange.
Meanwhile, shares of Singapore Airlines shed seven Singapore cents to S$11.96 after the airline confirmed that it has been in discussions to purchase a stake in South Korea's Jeju Air. The stock was among the top losers in early-morning trading.
Some 67.4 million shares worth S$85.9 million changed hands as at 9.02am on Tuesday, with gainers outnumbering losers 101 to 44.
