Asian shares mostly lower despite Dow's push over 36,000

Shares were mostly lower in Asia on Wednesday, weighed down by concerns over disrupted supply chains and shipping, despite the Dow Jones Industrial Average’s first close above 36,000 points.

Benchmarks fell in most major markets apart from Sydney and Taipei. Tokyo's markets were closed for a holiday.

Investors hit the pause button while awaiting comments from the Federal Reserve’s policy meeting Wednesday, when the central bank is expected to disclose plans to ease the extraordinary support measures to shore up markets and the economy during the pandemic.

The Fed's chair, Jerome Powell, has signaled the Fed will announce after its policy meeting that it will start paring its $120 billion in monthly bond purchases as soon as this month. Those purchases are intended to keep long-term loan rates low to encourage borrowing and spending.

“Markets are largely in wait-and-see mode ahead of the U.S. Fed meeting. The question is not so much one of tapering, which at this point seems a foregone conclusion, but more about the timing of future rate hikes," Mizuho Bank said in a commentary.

Hong Kong's Hang Seng index dropped 0.4% to 24,993.21 while the Shanghai Composite index lost 0.2% to 3,499.74.

Comments by Chinese Premier Li Keqiang about downward pressure on the economy also rattled investors.

In remarks carried by the official Xinhua News Agency, Li said the government needs to provide more support for smaller companies, reduce taxes and fees, “do a good job in ensuring the supply and price stability of electricity and coal and take strong measures to support manufacturing.”

The Kospi in Seoul gave up 1.2% to 2,977.33, while Sydney's S&P/ASX 200 surged 0.9% to 7,392.70. Taiwan also advanced.

Most Asian countries have also kept their monetary policy loose to deal with...