HK Stocks Remain In Black, Mainland Markets Gain

Hong Kong stocks closed slightly higher on Monday, with investors moving cautiously before a crucial US Federal Reserve policy meeting later in the week.

The Hang Seng Index edged up just over 11 points to end at 31,513.

CK Hutchison Holdings fell more than 2 percent after the city's richest person and investment "Superman" Li Ka-shing announced on Friday he would step down as chairman.

On the mainland, the Shanghai Composite Index climbed 0.3 percent, to 3,279 while the Shenzhen Composite Index rose 0.3 percent, to 1,868.

In Japan, stocks dropped as investor sentiment was weighed down by political uncertainty with a cronyism scandal denting the approval rating of Prime Minister Shinzo Abe's cabinet.

The benchmark Nikkei 225 index fell 0.9 percent, to close at 21,480.

Sydney added 0.2 percent, but Singapore fell 0.1 percent, Seoul dropped 0.8 percent and Manila lost 0.8 percent. There were also losses in Bangkok, Jakarta and Wellington.

The key event this week is the Fed's next policy meeting, which will be the first for new boss Jerome Powell. The bank is expected to raise interest rates again but Powell's remarks will be closely followed for clues about future increases, with some predicting another three this year in light of an improving economy. (AFP)