Asian Market Update

Asian markets edged up on Wednesday on bargain-hunting, although gains were limited following more losses on Wall Street, while investors await the outcome of a Federal Reserve policy meeting.

Oil prices extended their losses to fresh five-and-a-half-year lows, while the dollar dipped against the yen ahead of the Fed get-together, which is being closely watched for an idea about its plans for interest rates.

Tokyo edged up 0.49 per cent, Hong Kong added 0.12 per cent, Sydney was 0.49 per cent higher, Seoul put on 0.10 per cent and Shanghai tacked on 0.35 per cent.

Global markets have been in turmoil this week owing to concerns about the effects of plunging oil prices on energy firms as well as the Russian economy, which is also straining under the weight of Western sanctions.