5/21/2012 11:42 PM ET
(RTTNews) - Asian stock markets are trading notably higher on Tuesday with investors indulging in fairly heavy buying amid slightly easing worries about the financial situation in Europe ahead of the European Union Summit and on the Chinese government's pledge to bolster its economy.
Bargain hunting after recent weakness is also contributing to an extent for the upmove in some of the markets in the region.
Energy stocks are leading the pack of gainers in the Australian market. Several stocks from industrial and financial sectors are also trading notably higher. Mining, property trusts and consumer discretionary stocks are finding good support.
The benchmark S&P/ASX 200 index, which rose to 4,111.2, is currently trading at 4,102, up 28.4 points or 0.7 percent from its previous close. The broader All Ordinaries index is up 29.6 points or 0.7 percent at 4.154, nearly 10 points off the day's high of 4,163.3.
Among energy stocks, Oil Search is up 2.3 percent, Origin Energy is gaining 2.2 percent and Caltex Australia is up 1.5 percent, while Woodside Petroleum and Santos are trading higher by 0.6 percent and 0.7 percent, respectively.
Among top miners, BHP Billiton is up 0.7 percent, Rio Tinto is trading 2.2 percent higher and Fortescue Metals is up with a gain of 3.3 percent. However, Newcrest Mining is trading in negative territory with a loss of 1.3 percent.
In the banking space, Commonwealth Bank of Australia, National Australia Bank and Westpac are up 0.5 to 0.7 percent, while ANZ Bank is up marginally. Bank of Queensland is up 1.6 percent, while Bendigo & Adelaide Bank is down marginally.
Graincorp Ltd shares are up by around 7 percent following upbeat results. The company has lifted first-half profit by more than 50 percent to A$133.7 million and expects full-year profit between A$185 million and A$205 million, up from a previous forecast of A$165 million to A$185 million.
Leighton Holdings is up nearly 3 percent following an announcement from the company that it is likely to report a full-year profit of between A$400 million and A$450 million.
Monadelphous Group shares are trading higher by nearly 6.5 percent. Iluka Resources, Onesteel, Campbell Brothers, James Hardie Industries, Panaust, Boart Longyear, Perseus Mining and QR National are up 3 to 5 percent.
Dexus Property Group, Beach Energy, Toll Holdings, Regis Resources, Alumina and WorleyParsons are also up with strong gains.
The Japanese stock market started off on a bright note with investors indulging in some hectic buying, buoyed by a strong lead from Wall Street and a pause in the yen's rise against the greenback and the euro.
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