Asian Economic News
Asian Markets Exhibit Mixed Trend
11/10/2009 11:11 PM ET
(RTTNews) -
Asian stock markets are exhibiting a mixed trend on Wednesday following a rather choppy session on Wall Street overnight. Some of the markets in the region did get off to a bright start, but are seen struggling for support at higher levels. With no significantly positive cues to warrant any strong buying, investors are seen indulging in some profit taking, cashing in on recent sharp rallies.
The Australian market is holding on in positive territory even as the mood remains a bit cautious amid mixed economic reports. Investors are seen indulging in selective buying in financials, materials, energy and property trusts stocks.
The benchmark S&P/ASX 200 index, which edged up to 4,768 after a slight fall from higher levels, is currently trading at 4,761, up 27.4 points, or 0.6%, over its previous close. The broader All Ordinaries index is up 27 points, or 0.6%, at 4,771.
Among key bank stocks, ANZ Bank, National Australia Bank and Westpac Banking Corporation are trading with modest gains, while Commonwealth Bank of Australia is trading in negative territory with a modest loss. Diversified financials stock Macquarie Group is down nearly 1% from its previous close.
Top miners Rio Tinto and BHP Billiton are up 2% and 1.5% respectively. Newcrest Mining is trading higher by about 1%. Orica, Lihir Gold and Fortescue Metals are up with modest gains, while Incitec Pivot and Bluescope Steel are trading weak.
Energy stock Woodside Petroleum is up nearly 1%. Among other stocks in the energy space, Santos and Origin Energy are up with modest gains, while Oil Search is trading flat.
Among insurance stocks, QBE Insurance is gaining 1.5% and AMP is trading 1.25% up, while Suncorp-Metway and Insurance Australia are trading notably lower.
Ausenco Ltd has lowered its profit and revenue guidance for calendar 2009 as potential clients delay the awarding of new contracts. The engineering and project management company now expects full year sales revenue for calendar 2009 to come in between A$435 million and A$465 million. Underlying net profit is now forecast between A$26 million and A$30 million. The stock is currently trading 2.5% down from Tuesday's closing price.
On the economic front, total personal finance commitments in Australia fell 1.8% in September, seasonally adjusted, to A$7.016 billion, from A$7.146 billion in August, the Australian Bureau of Statistics said on Wednesday. Total commercial finance rose 8%, seasonally adjusted, to A$31.576 billion, from A$29.241 billion in August, while lease finance fell 3.6% in September to A$381 million, compared with A$396 million in August. Housing finance for owner occupation rose 6.7% to A$17.596 billion in September from A$16.493 billion in August.
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