The Hang Seng pulled back from its record high yesterday as other Asian indices were mixed ahead of the US Federal Reserve's interest rate decision.

Retreating crude prices pushed oil stocks down across the region. CNOOC, China's biggest offshore oil producer, fell 4.5 per cent to HK$16.16 after announcing lower third-quarter revenues. Sinopec dropped 2.2 per cent to HK$11.66 and PetroChina fell 1.8 per cent to HK$19.40.

Bank of China's Hong Kong-listed shares fell in early trading after reporting the slowest pace of growth in its sector. The country's second-largest lender, which logged $322 million in subprime related losses, recovered to gain 2.6 per cent to HK$5.06. Bank of Communications fell 3 per cent to HK$14.14 after Credit Suisse cut its rating to "underperform".

Japanese shares were buoyed by earnings results and corporate activity. Mitsubishi UFJ Financial Group, Japan's biggest bank, rose 2.5 per cent. - (Financial Times service)