Asian stock markets are a bit listless on Tuesday with investors mostly treading cautiously ahead of the outcome of the eurozone finance ministers' meeting. Though most of the markets moved higher after a flat or slightly negative start, some of them retreated soon with investors choosing to wait for more clear signals to emerge out of Europe.
After a slightly weak start, the Australian stock market edged higher amid selective buying at some front line counters.
Industrial, mining, energy, healthcare and consumer discretionary stocks are mostly trading higher. Financial stocks are moving up after a somewhat subdued start.
The benchmark S&P/ASX 200 index, which drifted down to 4,245.4 in early trades, is currently up 29.2 points or 0.7 percent at 4,285.3. The broader All Ordinaries index is up 30.2 points or 0.7 percent at 4,363, nearly 40 points off the day's low of 4323.3.
Among bank stocks, Westpac, Commonwealth Bank of Australia and National Australia Bank are up 0.5 to 0.8 percent, while ANZ Bank is up marginally. Bendigo & Adelaide Bank and Bank of Queensland are trading higher by 1.7 percent and 1.5 percent, respectively.
Among top miners, BHP Billiton, Rio Tinto, Fortescue Metals and Newcrest Mining are trading higher by 0.7 to 1.2 percent.
In the energy sector, Woodside Petroleum is up 1.5 percent and Santos is gaining about 0.5 percent, while Origin Energy and Caltex Australia are up marginally. Oil Search is trading 2.3 percent up following the company lifting its full-year net profit by nine percent to A$196.2 million, thanks to higher oil prices and lower exploration expense.
Downer EDI is up by over 6 percent on strong results. The company said its profit in the six month period to December 31, 2011, was A$84.9 million, compared to loss of A$103.8 million in the prior comparable period. Downer EDI said the positive results were driven by Downer Mining, which reported a 79 percent increase in revenue to A$1.1 billion.
Boart Longyear Ltd. shares are trading higher by more than 9 percent following the company reporting record full-year profit and forecasting further growth in the year ahead. The company said its net profit for calendar year 2011 rose 89 percent to A$149.27 million from A$78.88 million in 2010.
Onesteel is up more than 15 percent. Transfield Services is up 4.5 percent and Bluescope Steel is trading higher by about 5.5 percent, while QR National and Myer Holdings are up 3.2 percent and 3 percent, respectively.
David Jones, ASX, Treasury Wine Estates, Boral, Harvey Norman Holdings, Toll Holdings, CSR, Leighton Holdings and Insurance Australia Group are up 2 to 2.5 percent.
Shares of engineering firm Monadelphous Group Limited are up 2.3 percent after the company said that it's 26 percent rise in first-half profit is a company record, adding that a growing number of resources projects will continue to drive revenue growth.
UGL, Wesfarmers and Paladin Energy are down in negative territory with notable losses.
On the economic front, Australia's inflation outlook leaves room for another cash rate cut, the Reserve Bank of Australia said. The central bank said more positive global conditions had prompted it to keep the official interest rate on hold in February despite widespread expectation of a cut.
In the minutes of February's meeting, the RBA said that overall global conditions had improved at the beginning of 2012, with some stabilization in Europe.
In the currency market, the Australian dollar opened slightly weak and was quoting at US$1.0745 in early trades, down from Monday's close of US$1.0771.
The Japanese stock market opened on a slightly weak note with a section of investors taking some profits after the previous session's gains. Though the market swiftly rebounded into positive territory on some brisk buying at select counters, it gave up most of its gains subsequently and was down marginally at the end of the morning session.
Oil, mining, pharmaceuticals and communications stocks edged higher. Real estate, insurance, machinery and financial stocks exhibited a mixed trend.
The benchmark Nikkei 225 index, which rallied to 9,517 after falling to 8,458.3, was down 4.3 points at 9,480.8 when the morning session ended.
Oki Electric gained nearly 5 percent. Pacific Metals and Showa Denko KK were up 3.7 percent and 3.5 percent, respectively.
Furukawa Electric, Mitsui OSK Lines, Nippon Yusen, Dainippon Screen, Kawasaki Kisen, Tokai Carbon, Dai-ichi Life, Nippon Light Metal, Sumitomo Metal Mining, GS Yuasa, Fuji Heavy Industries and Dowa Holdings moved up by 1.5 to 3 percent.
Among automobile stocks, Mazda Motor surged 1.8 percent and Suzuki Motor gained about 0.6 percent. Hino Motors, Honda Motor and Nissan Motor declined marginally, while Isuzu Motors, Mitsubishi Motor and Toyota Motor hovered around their previous closing prices.
Aozora Bank, Mitsubishi UFJ Financial, Mizuho Financial and Shinsei Bank moved higher higher, while Shizuoka Bank, Bank of Yokohama and Chiba Bank posted modest losses.
Kansai Electric Power, Sumitomo Osaka, Mitsui Fudosan, Sumco Corp, Japan Steel Work, Mitsubishi Paper, Chubu Electric Power and Mitsubishi Estate lost 1 to 2.3 percent.
In the currency market, the U.S. dollar traded in the upper 79 yen level in early deals in Tokyo. The yen is currently trading at 79.72 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Indonesia and New Zealand are trading notably higher. Shanghai, Hong Kong and Taiwan are down with notable losses, while Malaysia, Singapore and South Korea are down marginally.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.