Asian stock markets are exhibiting a mixed trend on Friday with investors mostly treading cautiously ahead of the release of the crucial U.S. jobs report. The overnight flat close on Wall Street and concerns about Greece's debt crisis too are contributing to the subdued trend in most of the markets in the region.
After a marginal upmove, the Australian stock market is trading slightly weak amid lackluster moves with investors treading cautiously and indulging in stock specific activity.
Bank, mining and energy stocks are exhibiting a mixed trend. Consumer staples and consumer discretionary stocks are trading weak, while information technology stocks are finding some support.
The benchmark S&P/ASX 200 index, which advanced to 4,275.5 in early trades, is currently down 12.3 points or 0.3 percent at 4,255.5. The broader All Ordinaries index is down 9.6 points or 0.2 percent at 4,323.6, off the day's high of 4,340.8.
Among bank stocks, Commonwealth Bank of Australia, National Australia Bank and Westpac are up 0.3 to 0.5 percent, while ANZ Bank is trading lower by about 0.4 percent. Bendigo & Adelaide Bank and Bank of Queensland are down marginally.
Among top miners, BHP Billiton is up marginally and Rio Tinto is down 0.2 percent. Fortescue Metals and Newcrest Mining are trading stronger by 1.8 percent and 1.6 percent, respectively.
In the energy sector, Woodside Petroleum and Oil Search are down marginally and Caltex Australia is down nearly 2 percent, while Santos and Origin Energy are trading in positive territory, gaining 0.3 percent and 1.3 percent, respectively.
Lynas Corporation is down more than 6.5 percent. Bluescope Steel and David Jones are trading lower by over 3 percent.
Echo Entertainment Group, Amcor, Whitehaven Coal, APA Group, Dexus Property Group, Challenger, Iluka Resources, CSL, AGL Energy, Graincorp and Fairfax Media are down 1.5 to 2.5 percent.
Boart Longyear is gaining almost 4 percent. QBE Insurance Group, Crown and Aquarius Platinum are trading higher by 2.5 to 3 percent, while Campbell Brother is up with a gain of 1.7 percent.
On the economic front, activity in the Australian services sector expanded for the first time in four months, a private survey revealed. The Australian Industry Group/Commonwealth Bank Australian Performance of Services Index rose 2.9 points to 51.9 points in January.
In the currency market, the Australian dollar opened slightly weak and was quoting at US$1.0709 in early trades, down from Thursday's close of US$1.0717.
After a weak start and a subsequent rebound, the Japanese market drifted lower again amid cautious trades.
Automobile stocks found fairly good support even as stocks from banking, chemicals, steel and non-ferrous metals sections traded weak. Electric power, mining and oil stocks traded mixed.
The benchmark Nikkei 225 index, which recovered to 8,877.5 after an early setback, was down 22.5 points or 0.25 percent at 8,854.3 when the morning session ended.
Sony Corp. shares jumped nearly 10 percent despite the company forecasting a 220 billion yen net loss for financial year 2011.
Mitsumi Electric Co. shares gained more than 9 percent. Hitachi moved up by over 7 percent and Minebea surged more than 6.5 percent.
Canon Inc. shares gained over 2.5 percent following a share buy-back announcement from the company.
Sumco, Panasonic Corp., Mitsubishi Paper, Mitsubishi Materials, Advantest, Matsui Securities, Dai-ichi Life and Mitsubishi UFJ Financial advanced by 1 to 3 percent.
Automobile stocks Mazda Motor, Toyota Motor and Mitsubishi Motor gained 1.3 to 2.3 percent. Suzuki Motor and Nissan Motor also posted notable gains.
Shares of Nippon Sheet Glass plunged more than 11 percent in early trading following weak earnings forecast. Yamaha Corp. shares tumbled as much as 6.5 percent. Mitsui Mining, Daiichi Sankyo, Sharp Corp, Unitika, Fujikura, Pacific Metals and Softbank are down 2 to 2.5 percent.
Sumitomo Chemicals, Chugai Pharma, Nisshin Steel, Kobe Steel, Mitsui OSK Lines, Asahi Glass, Shinsei Bank, Nippon Steel and Casio Computer also posted notable losses.
Meanwhile, the Lower House budget committee approved the fourth supplementary budget bill for fiscal 2011, which is aimed at helping those affected by the March 11, 2011 earthquake.
The addition to the budget won majority approval from the ruling Democratic Party of Japan, the Liberal Democratic Party and the New Komeito party. It is expected to pass the Lower House in the afternoon before being sent to the Upper House. The Upper House budget committee will start debating the bill on February 6, with a view to enacting it on February 8.
In the currency market, the U.S. dollar traded in the lower 76 yen range in early deals in Tokyo. The yen is currently trading at 76.23 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Hong Kong, South Korea, Taiwan and Shanghai are trading lower, while Indonesia, New Zealand and Singapore are trading in positive territory. Markets across the region closed mostly higher on Thursday.
On Wall Street, stocks turned in a lackluster performance on Thursday with traders seemingly reluctant to make any significant moves ahead of Friday's jobs report.
The major averages closed on opposite sides of the unchanged line, with the Dow posting a modest loss. While the Dow edged down by about 11 points or 0.1 percent to 12,705.4, the Nasdaq rose 11.4 points or 0.4 percent to 2,859.7 and the S&P 500 inched up 1.4 points or 0.1 percent to 1,325.5.
Major European markets moved higher on Thursday. While the U.K.'s FTSE 100 index edged up by 0.1 percent, the French CAC 40 index and the German DAX index gained 0.3 percent and 0.6 percent, respectively.
Crude oil prices drifted lower on Thursday, extending losses for a fifth straight day, due to demand concerns after U.S. oil stockpiles increased more than expected last week. Light sweet crude for March delivery dipped $1.25 or 1.3 percent to settle at $96.36 a barrel on the New York Mercantile Exchange.
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