Asia-Pacific stocks mixed; Kakao Pay shares soar in South Korea debut

SINGAPORE — Shares in Asia-Pacific were mixed in Wednesday morning trade as investors look ahead to the end of the U.S. Federal Reserve’s two-day meeting for clues on tapering.

The S&P/ASX 200 in Australia led gains among the region’s major markets as it jumped about 1.2%, with shares of Commonwealth Bank of Australia and BHP rising at least 1% each.

In South Korea, the Kospi declined 0.72%. Shares of Kakao Pay surged in their Wednesday debut as they more than doubled from their issue price of 90,000 Korean won. The stock was last trading around 108% higher than its issue price.

Kakao Games also surged 3.94%, while Kakao Corp shares dipped 1.56% and Kakao Bank dropped 4.68%.

Elsewhere, mainland Chinese stocks nudged higher, with the Shanghai composite hovering above the flatline while the Shenzhen component climbed 0.314%. Hong Kong’s Hang Seng index stood little changed.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.1% higher.

Markets in Japan are closed on Wednesday for a holiday.

The Federal Reserve concludes its two-day meeting on Wednesday stateside, with investors watching out for details surrounding any scaling back of the amount of bonds the central bank buys each month.

A private survey released Wednesday showed growing Chinese services activity in October, with the Caixin/Markit services Purchasing Managers’ Index coming in at 53.8, rising from September’s reading of 53.4.

China’s official non-manufacturing PMI for October came in at 52.4 over the weekend, a decline from the September reading of 53.2.

PMI readings below 50 represent contraction while those above that level signify expansion. PMI readings are sequential and represent month-on-month expansion or contraction.

Oil prices were lower in the morning of Asia trading hours, with international benchmark Brent crude futures down 1.42% to $83.52 per barrel. U.S. crude futures dropped 1.75% to $82.44 per barrel.