InterAksyon.com
The online news portal of TV5
HONG KONG - Asian markets were mixed on Thursday, with confidence following the US Federal Reserve's decision to hold interest rates at "exceptionally low levels" for at least two years offset by profit-taking.
The euro also strengthened on the US central bank move, despite Greece's ongoing struggle to agree a writedown on its huge debts with its creditors.
Hong Kong, which was returning after a three-day holiday for Lunar New Year, jumped one percent, Seoul was 0.13 percent higher, Tokyo fell 0.41 percent by the break and Singapore was flat.
Sydney, Shanghai and Taipei were closed for public holidays.
Markets have been on a generally upward arc since the beginning of the year as the US economy shows tentative signs of recovery while officials in Europe strive to solve their debt crisis.
"We may get a continuation of the rally after news from the US last night that rates will be kept low," said Carey Wong, an analyst at OCBC in Singapore. "People are focusing more on the US than Europe at the moment," Wong told Dow Jones Newswires.
The Fed's policy-setting committee said it would keep its key federal funds interest rate low through at least 2014, extending a prior timeframe of mid-2013, after cutting its growth forecast for this year.
It said it expected the economy to expand 2.2-2.7 percent, about one-quarter percentage point below the previous forecasts. For 2013, it sees growth edging up to 2.8-3.2 percent, and then accelerating to above 3.3 percent in 2014.
The announcement came despite an upturn late last year, with the bank saying ongoing economic weaknesses and strains in global financial markets mandated continued easy-money policies.
Fed chairman Ben Bernanke said the economy needed more time to ensure stable growth, citing "headwinds coming from Europe".
Investors on Wall Street welcomed the decision. The Dow rose 0.66 percent to an eight-month high and the broad-based S&P 500 advanced 0.87 percent, while the tech-rich Nasdaq jumped 1.14 percent after Apple's record-breaking earnings report on Tuesday.
The euro bought $1.3100 and 101.90 yen in Tokyo Thursday, slightly softer from $1.3103 and 101.94 yen in New York Wednesday afternoon.
The dollar bought 77.77 yen, compared with 77.80 yen in New York.
New York's main contract West Texas Intermediate crude for delivery in March gained 38 cents to $99.78 per barrel and Brent North Sea crude for March settlement was up 76 cents to $110.57.
Gold was at $1,711.25 an ounce at 0245 GMT, against $1,660.65 late Wednesday.
