Asian Markets Mostly Lower Amid Cautious Trades

(RTTNews.com) - Asian stock markets are mostly trading lower on Thursday with investors pressing sales amid worries about the Eurozone economy and on concerns about the pace of growth in the U.S. on the back of some disappointing economic data.

In the Australian market, financial and mining stocks are mostly trading weak. Energy and healthcare stocks are finding some support, while consumer discretionary and industrial stocks are mostly trading flat.

The benchmark S&P/ASX 200 index, which declined to around 4,266 earlier in the day, is currently trading at 4,280, down 13.6 points or 0.3 percent from its previous close. The broader All Ordinaries index is down 11.4 points or 0.3 percent at 4,360.7, off the day's low of 4,347.8.

Bendigo & Adelaide Bank shares are down 4.8 percent. Iluka Resources is down nearly 3 percent.

Lynas Corporation, Panaust, Investa Office Fund, Aquarius Platinum, Suncorp Group, Graincorp, Macquarie Group, Boart Longyear and Fortescue Metals are also down with sharp losses.

Insurance Australia Group shares are up nearly 8 percent after the company upgraded its forecast for full-year revenue growth. The insurer said its first-half profit declined by 10.6 percent as insurance claims exceeded its allowances.

Paladin Energy is up 6.3 percent. Seven West Media, Onesteel, Leighton Holdings, Monadelphous Group and CSL are also trading notably higher.

Origin Energy shares are up nearly 2 percent after the company posted a first-half net profit of A$794 million, compared to loss of A$136 million in the previous corresponding period.

Virgin Australia Holdings Ltd shares are up nearly 7 percent following the company doubling its first-half profit to A$23.8 million.

Fairfax Media's first-half profit fell by 44 percent, noting that January's revenue also was down and difficult trading conditions would likely continue. Fairfax posted net profit of A$96.7 million for the six months to December 25, 2011, down from A$172.3 million in the previous corresponding period. The stock is currently trading flat.

In the currency market, the Australian dollar opened lower and was quoting at US$1.0643 in early trades, down 0.3 percent from Wednesday's close of US$1.0671.

After a weak start and a subsequent fall to lower levels, the Japanese market recovered some lost ground with a few front line stocks finding good support.

The benchmark Nikkei 225 index, which declined to 9,513.6 in early trades, staged a smart recovery and was up 15.6 points or 0.2 percent at 9,569.7 when the morning session ended.

Olympus Corp. shares gained more than 3 percent following the company roping in new outside directors.

Among the other prominent gainers in the Nikkei index, Taiyo Yuden moved up by over 4 percent. Teijin Ltd. shares gained 3.8 percent.

Fujitsu, Alps Electric, Fuji Heavy Industries, Sharp Corp, Sumitomo Chemicals, Mitsui Mining, Sumitomo Osaka, Casio Computer, Asahi Glass, Daiwa Securities Group, Trend Micro and Mitsubishi Chemicals were up 1 to 3 percent at the break.

Mazda Motor plunged by over 6.5 percent after the company announced that it will raise about 230 billion yen through a public share offering.

Showa Shell, Mitsubishi Paper, Bank of Yokohama, Credit Saison and Asahi Group Holdings were down 2 to 3 percent.

Mitsubishi UFJ Financial, Kansai Electric Power, Japan Steel Work, Aozora Bank, Furukawa, Osaka Gas, Pacific Metals, Mitsui Chemicals, Resona Holdings and Shinsei Bank lost 1 to 2 percent.

In the currency market, the U.S. dollar traded in the lower 80 yen-level in early deals in Tokyo. The yen is currently trading at 80.22 to the U.S. dollar.

Among other markets in the Asia-Pacific region, Hong Kong, Indonesia, Singapore and South Korea are trading notably lower. New Zealand and Taiwan are down with modest losses, while Shanghai and Malaysia are up marginally. Markets across the region moved mostly higher on Wednesday.

On Wall Street, stocks mostly drifted lower on Wednesday, amid concerns about the outlook for the European economy. The major averages posted modest losses on the day after ending the previous session mixed.

The Dow edged down 27 points or 0.2 percent to 12,938.7, the Nasdaq ended down 15.4 points or 0.5 percent at 2,933.2 and the S&P 500 slipped 4.5 points or 0.3 percent to 1,357.7.

Major European markets too ended weak on Wednesday. While the U.K.'s FTSE 100 index ended lower by 0.2 percent, the French CAC 40 index and the German DAX index lost 0.5 percent and 0.9 percent, respectively.

U.S. crude oil futures closed higher on Wednesday, due largely to a strengthening dollar and continued supply concerns from Iran. Light sweet crude for April delivery, the new front month contract, gained 3 cents to close at $106.28 a barrel on the New York Mercantile Exchange.

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