Asian stock markets are trading mixed on Thursday with investors mostly tracking regional news and economic data for cues. Though gains are just modest in some of the markets, the mood is mostly positive amid expectations that the central banks in the U.S., Europe and Asia would announce further stimulus to revive growth.
The Australian market is trading notably higher with investors indulging in some fairly heavy buying at several front line counters from across various sectors.
Consumer staples, financial and energy stocks are mostly up with impressive gains. Consumer discretionary, mining, healthcare and industrial stocks are trading mixed.
The benchmark S&P/ASX 200 index is up 29.5 points or 0.7 percent at 4,310.7. The broader All Ordinaries index is trading at 4,333, up 26 points or 0.6 percent from its previous close.
Among bank stocks, ANZ Bank (ANZ: Quote), Commonwealth Bank of Australia, National Australia Bank and Westpac (WBK: Quote) are up 0.8 to 1 percent.
In the mining sector, BHP Billiton (BHP: Quote,BBL: Quote) is up marginally and Newcrest Mining is gaining about 0.4 percent, while Rio Tinto (RIO: Quote,RIO.L) and Fortescue Metals are down 1.4 percent and 1.6 percent, respectively.
Challenger Limited shares are up almost 6 percent. AMP Limited shares are trading 4.5 percent up after the wealth manager lifted its first-half net profit by 10 percent, thanks largely to the benefits of its merger with AXA Asia Pacific. AMP posted a net profit of A$383 million for the six months to June 30, up from A$349 million in the previous corresponding period.
Wesfarmers, Boart Longyear, Seek and Paladin Energy are up 2.5 to 4.5 percent. James Hardie Industries, Downer EDI, Monadelphous Group, Cochlear, Sims Metal Management, Arrium and Computershare are also up with strong gains.
Tabcorp Holdings, Alumina (AWC: Quote) and Brambles are trading lower by 3 to 4.5 percent. Brambles Limited announced that its full-year profit rose 21 percent and that it expects continued revenue growth in the year ahead.
Echo Entertainment Group is down 2.6 percent. Primary Healthcare and Oz Minerals are trading lower by 2.3 percent and 2 percent, respectively.
Dexus Property Group shares are down nearly 2 percent following the company reporting a 67 percent slump in full year profit.
In economic news, the average weekly ordinary time earnings (AWOTE) for adult full-time employees rose 0.4 percent in the three months to May, according to data released by the Australian Bureau of Statistics.
The Japanese stock market opened on a firm note, with a weaker yen triggering some hectic buying at several front line counters.
Besides key exporters, steel, non-ferrous metals, foods, automobile and precision instruments stocks posted strong gains. Electric power, financial and pharmaceuticals stocks traded mixed.
The benchmark Nikkei 225 index was up 121.1 points or 1.4 percent at 9,046.1 when the morning session ended.
Dai-ichi Life Insurance and Japan Tobacco shares gained about 5 percent over their last closing levels.
Pioneer Corp, Panasonic Corp (PC: Quote), Fuji Heavy Industries, T&D Holdings, Dainippon Screen Manufacturing, Isuzu Motors, Mazda Motor Corp, Sony Corp (SNE), Pacific Metals and Showa Denko KK all moved up by 3 to 4 percent.
Hino Motors, Fanuc Corp, JFE Holdings, Mitsubishi Motors, Sumitomo Heavy Industries, Komatsu, Advantest Corp (ATE: Quote), Sharp Corp, Oki Electric Industry and Konica Minolta Holdings also rallied sharply.
Meanwhile, Aozora Bank, Kansai Electric Power, Credit Saison, Central Japan Railway, Tokyo Electric Power, Astellas Pharma, Nippon Paper Group, Casio Computer and Softbank drifted lower, losing 1 to 3 percent.
In the currency market, the U.S. dollar traded around 79 yen in early deals in Tokyo. The yen is currently trading at 79.15 to the dollar.
Among other markets in the Asia-Pacific region, Hong Kong, Singapore and Taiwan are trading notably higher, while Shanghai, Indonesia, Malaysia, New Zealand and Singapore are trading weak. Markets across the region had ended mostly lower on Wednesday.
On Wall Street, stocks turned in a lackluster performance on Wednesday with traders mostly staying away on the sidelines amid the release of some mixed economic data.
The major averages ended the session mixed for the fifth time in the past six sessions. While the Dow edged down 7.4 points or 0.1 percent to 13,164.8, the Nasdaq rose 14 points or 0.5 percent to 3,030.9 and the S&P 500 inched up 1.6 points or 0.1 percent to 1,405.5.
Major European markets ended lower on Wednesday. While the French CAC 40 index closed just below the unchanged line, the German DAX index and U.K.'s FTSE 100 index lost 0.4 percent and 0.5 percent, respectively.
U.S. crude oil settled at a three-month high on Wednesday, after a weekly report from the Energy Information Administration showed U.S. crude stockpiles to have declined last week. Crude for September delivery gained $0.90 or 1 percent to close at $94.33 a barrel on the New York Mercantile Exchange.
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by RTT Staff Writer
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