Asian Economic News
Asian Markets Exhibit Weakness
11/4/2009 10:57 PM ET
(RTTNews) -
Asian stock markets are mostly down in the red on Thursday with investors treading cautiously on concerns over the pace of a global economic recovery. The start was fairly decent in most markets in the region, but stocks failed to gather enough support to sustain at higher levels. Lack of positive surprises from the U.S. Federal Reserve, which left key rates unchanged at historic levels and caution ahead of rate decisions by Bank of England and the European central bank appear to be holding the investors away on the sidelines.
The Australian market got off to a positive start but faltered soon as investors pressed sales in materials, technology and consumer staples stocks. Energy and bank stocks also surrendered early initiative and drifted lower.
The benchmark S&P/ASX 200 index is currently trading at 4,507, down 33.1 points, or 0.7%, from its previous close. The broader All Ordinaries index is down 28.6 points, or 0.6%, at 4,519.
In the banking space, Westpac Banking Corporation, National Australia Bank and Commonwealth Bank of Australia are trading modestly higher, while ANZ Bank is down with a loss of over 2.5%.
Top miners BHP Billiton and Rio Tinto are down 1.2% and 1.5% respectively. Newcrest Mining, Bluescope Steel and Incitec are also trading lower, while Fortescue Metals and Lihir Gold are up with modest gains. Orica is down with a 1.5% loss.
Among energy stocks, Woodside Petroleum is gaining over 2%. Origin Energy, Santos and Oil Search are down in the red with modest losses.
Leighton Holdings Ltd said its first-quarter revenue was up ten per cent at A$4.5 billion, with full year revenue on track to exceed A$19 billion. With the core operating businesses remaining strong, the group generated a profit after tax of A$131 million, an increase of 25% on the prior-year first quarter. Full-year net profit is expected to be about A$600 million, up from last financial year's A$440 million. The company says work in hand as at September 30 was A$38.3 billion. The stock is currently trading with a modest loss.
Shares of News Corporation are trading over 4% up on strong financial results. The media giant reported a sharp 11% rise in first-quarter net profit and said its operations are well placed to take advantage of improving global conditions. The company reported net profit of US$571 million for the three months to September 30, compared with US$515 million in the prior-year corresponding period.
On the economic front, the Australian balance of goods and services was a deficit of A$1.849 billion in September, seasonally adjusted, compared to a deficit of A$1.651 billion in August, according to data released by the Australian Bureau of Statistics. During the month, exports were up 5% in adjusted terms, while imports rose 5%.
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