1/29/2012 10:40 PM ET
(RTTNews) - Asian stock markets are mostly trading lower on Monday following a weak lead from Wall Street where stocks ended on a subdued note last Friday due to lower-than-expected U.S. GDP growth in the fourth quarter.
Some of the markets in the region recovered a bit after a weak start, but tumbled again with investors treading cautiously and taking some profits ahead of quarterly results from top notch companies.
After a slightly weak start and a subsequent recovery, the Australian market faltered with investors treading cautiously ahead of the reporting season.
Consumer staples, financial, information technology and industrial stocks are trading slightly weak, while mining, energy and healthcare stocks are trading mixed.
The benchmark S&P/ASX 200 index, which declined to 4,270.6, is currently trading at 4,281.6, down 6.8 points from its previous close. The broader All Ordinaries index is down 6.9 points at 4,341.6, off the day's low of 4,332.6.
Among bank stocks, ANZ Bank and Commonwealth Bank of Australia are trading flat, while National Australia Bank and Westpac are down 0.7 percent and 0.5 percent, respectively. Bendigo & Adelaide Bank and Bank of Queensland are up marginally.
Among top miners, Fortescue Metals and Newcrest Mining are trading modestly higher and BHP Billiton is up marginally, while Rio Tinto is trading in negative territory with a loss of over 1 percent.
In the energy sector, Woodside Petroleum and Origin Energy are down 0.6 percent and 0.4 percent, respectively. Oil Search is down nearly 2 percent, while Santos and Caltex Australia are trading higher by 0.6 percent and 2.8 percent, respectively.
Perseus Mining is trading stronger by over 5 percent. Paladin Energy, Bluescope Steel, David Jones, Myer Holdings and Alumina are up 2.5 to 4.5 percent.
Resmed, Graincorp, Atlas Iron, Duet Group, Whitehaven Coal, Lynas Corporation, JB Hi-Fi and Westfield Retail Trust are also trading notably higher.
APA Group shares are trading nearly 2.5 percent down. Incitec Pivot, James Hardie Industries, AMP and Goodman Group are down 1.2 to 1.8 percent.
In the currency market, the Australian dollar opened slightly higher amid hopes of a solution to the Greek debt crisis. In early trades, the Aussie was quoting at US$1.0646, up 0.3 percent from Friday's close of US$1.0612.
The Japanese market also drifted lower in morning trades with key stocks from automobile, financial, pulp & paper and shipbuilding sections losing ground on selling pressure. Retail, pharmaceuticals, insurance and railway stocks opened on a bright note and were mostly trading in positive territory when the morning session ended. Besides weak cues from Wall Street, a stronger yen contributed to the decline in prices.
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