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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Asian stocks end mostly lower on poor US outlook AFP - Friday, June 25 Send IM Story Print HONG KONG (AFP) - – Asian markets closed mostly lower on Thursday as a downbeat assessment by the US Federal Reserve and record-low home sales raised fears about the state of the world's biggest economy. Traders went into sell-off mode in the afternoon to cash in earlier gains made after Australia's prime minister was forced out, a move that raised hopes that a planned tax on resource companies' profits may be softened. In a statement Wednesday after a two-day policy meeting the Federal Reserve suggested the European debt crisis was taking a toll on recovery in the United States. After leaving interest rates at record low levels, the Fed said economic conditions were likely to warrant keeping "exceptionally low" rates "for an extended period," repeating the language of previous statements. "The pace of economic recovery is likely to be moderate for a time," said the panel headed by Fed chairman Ben Bernanke. But it added that "financial conditions have become less supportive of economic growth on balance, largely reflecting developments abroad" -- an apparent reference to the eurozone sovereign crisis. The debt woes of eurozone countries including Greece and Spain have caused concern globally that the problems could spill over and lead to another downturn. Sentiment was also strained by news that sales of new one-family homes in the United States had plunged 32.7 percent month-on-month in May to 300,000 -- the slowest pace since records started in January 1963. Markets had been up earlier after Australia's Kevin Rudd stood down following a shock leadership challenge amid concerns within his party about plummeting ratings. He was succeeded by Julia Gillard, whom investors hope will take a softer line on a proposed 40 percent tax on resource companies' "super profits" that the industry had been fighting. Soon after Gillard was sworn in, mining giant BHP Billiton said it would pull a series of anti-tax advertisements, after the new prime minister pleaded for a truce. BHP rose 0.51 percent, Rio Tinto added 1.19 percent and Newcrest mining gained 0.27 percent. However, the broader Sydney market edged 6.4 points lower to end at 4,479.7 on profit-taking from earlier gains. Patersons senior private client adviser Chris Blair said: "As you would expect after Rudd's departure, resources stocks are outperforming.... Obviously it's giving people some hope that the resources super profits tax will be altered." Hong Kong fell 0.59 percent, or 123.12 points, to 20,733.49, while Shanghai dropped 0.12 percent, or 3.13 points, to 2,566.75. Tokyo lost earlier gains to end up just 0.05 percent, or 4.64 points, at 9,928.34. The euro rose to 1.2337 dollars in Tokyo morning trade from 1.2320 in New York late Wednesday, and to 110.81 yen from 110.62. The greenback was quoted at 89.81 yen, slightly down from 89.88. China's central bank left its yuan exchange rate basically unchanged Thursday following its recent vow to let the currency trade more freely amid mounting US pressure. The People's Bank of China set the central parity rate -- the centre point of the currency's allowed trading band -- at 6.8100 to the dollar, only slightly stronger than Tuesday's 6.8102. Oil was lower. New York's main contract, light sweet crude for August delivery, eased three cents to 76.32 dollars a barrel in afternoon trade after hitting an intra-day low of 75.93 dollars. Brent North Sea crude for August delivery was off four cents at 76.23 dollars a barrel. Gold closed at 1,231.50-1,232.50 US dollars an ounce in Hong Kong, down from Wednesday's close of 1,241.00-1,242.00 dollars. In other markets: -- Singapore finished 0.82 percent, or 23.44 points, lower at 2,847.61. Singapore Airlines dropped 0.69 percent to 14.44 Singapore dollars, Noble Group fell 2.69 percent to 1.81 dollars and Keppel Corp sank 0.91 percent to 8.67 dollars. -- Seoul closed 0.81 percent, or 14.05 points, higher at 1,739.87. -- Taipei rose 0.10 percent, or 7.74 points, to 7,589.89. Chinatrust Financials rose 1.99 percent to 17.95 Taiwan dollars while Taiwan Semiconductor Manufacturing Company was 0.17 percent lower at 62.0. -- Jakarta fell 0.37 percent, or 10.69 points, to 2,914.10. Bank Central Asia fell 2.6 percent to 5,650 rupiah and Bumi Resources lost 1.1 percent to 1,890 rupiah but Bank Mandiri rose 2.7 percent to 5,800. -- Kuala Lumpur closed down 0.29 percent, or 3.83 points, at 1,325.87. Power and gaming group Tanjong lost 2.0 percent to 17.74 ringgit, HL Bank shed 2.60 percent to 8.55 while property developer SP Setia rose 2.50 percent to 4.10. -- Manila closed 0.27 percent, or nine points, lower at 3,333.97. Digital Telecommunications fell 6.98 percent to 1.60 pesos, while Energy Development was off 3.19 percent at 4.55 pesos. -- Wellington closed 0.16 percent, or 4.82 points, lower at 3,049.47. Fletcher Building lost 1.9 percent to 7.97 New Zealand dollars although Telecom was up one percent at 1.97. -- Bangkok fell 1.65 percent, or 13.33 points, to 793.19. Banpu lost 10.00 baht to 624.00 and PTT Plc dropped 4.00 baht to 250.00. -- Mumbai fell 0.14 percent, or 25.70 points, to 17,730.24. ICICI Bank fell 1.9 percent to 884.85 rupees while Reliance Industries fell 0.69 percent to 1,051.3. 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