Asian Economic News
Asian Markets Mixed Amid Cautious Trades
11/18/2009 10:47 PM ET
(RTTNews) -
Asian stock markets are exhibiting a mixed trend amid cautious trades on Thursday. The flat close on Wall Street and some worrisome data on U.S. inflation and the housing market appear to have hurt sentiment to an extent in some markets in the region. Though most markets in the region opened on a fairly positive note, some of them have drifted lower with investors choosing to trim down positions at higher levels.
The Australian market started off on a bright note with materials and select energy and financials stocks gaining in strength. However, due to lack of support at higher levels, several front line stocks gave up their gains and the market drifted down into the red around noon and is still trading weak.
The benchmark S&P/ASX 200 index, which advanced to 4,761.3 in early trades, is currently down 2 points at 4,737. The broader All Ordinaries, which moved up to around 4,780 in morning trades, is down 3.6 points at 4,756.
On Wednesday, the S&P/ASX 200 index had edged up by 9.6 points or 0.2% to 4,739 while the All Ordinaries index ended up 9.4 points or 0.2% at 4,759.6.
Key bank stocks ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation are up with modest gains. Diversified financials stock Macquarie Group is up with a modest gain.
In the energy space, Woodside Petroleum and Oil Search are trading modestly higher, while Origin Energy and Santos are exhibiting weakness.
Among top miners, Rio Tinto and BHP Billiton are trading modestly higher. Newcrest Mining is gaining over 2%. Incitec Pivot and Lihir Gold are trading with modest gains, while Bluescope Steel and Orica are trading lower.
In economic news, average weekly ordinary time earnings, or or AWOTE, for adult full-time employees in Australia rose 0.9% in the three months to August for an annual rate of 5.2%, seasonally adjusted, the Australian Bureau of Statistics said on Thursday. This follows a 6.1% annual expansion in July. The quarterly survey also showed AWOTE for the private and public sectors combined was A$1,200.60.
In another news, according to a report from Reserve Bank of Australia, the total monthly value of credit and charge card transactions, including advances, rose 2% in September. Australians spent A$19.246 billion on their credit and charge cards in the month, up from A$18.869 billion in August. Repayments on credit cards rose 3.5% in September to A$19.602 billion, according to the figures released by the bank.
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