Asian stocks were largely lower in Friday’s early trade, mirroring Wall Street’s finish overnight as the Fed-inspired rally lost steam. Global markets cheered the Federal Reserve’s statement in the previous session, which hinted that the central bank might not pull the trigger on interest rates until later in the year.
Overnight, U.S. stocks closed mixed as energy and materials-related counters fell. The Dow Jones Industrial Average and the S&P 500 closed down 0.7 and 0.5 percent, respectively, while the Nasdaq settled up 0.2 percent.
China’s Shanghai Composite retreated from its highest level since May 2008, slipping just below the flatline. Shares of the country’s second-biggest insurer Ping An Insurance surged nearly 5 percent on the back of a 39.5 percent rise in profit last year.
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