Asian stocks mixed as Fed decision looms, traders bargain hunt

HONG KONG/LONDON (AFP) - Asian stocks were mixed Wednesday as dealers awaited an important interest rate announcement from the United States, while others capitalised on recent falls in some markets.

Shanghai was the biggest gainer, rising more than 3.6 percent as traders went bargain-hunting following recent falls, while Taipei rose 1.51 percent.

However analysts said the rebounds may be limited as oil prices continue to rise.

Hong Kong saw shares rise slightly in half-day trading after the southern Chinese city was closed in the morning as a tropical storm struck late Tuesday.

Singapore and Seoul closed the trading day slightly up, while Tokyo continued to slide and Sydney finished just off as dealers awaited the Fed interest rate decision, which is expected early Thursday.

In other markets, Bangkok recorded a 1.92 percent hike despite the government grappling with a no-confidence vote, while Mumbai and Manila both posted gains after five days of losses.