CANBERA (dpa-AFX) - Asian stock markets are mostly in positive territory on Thursday, with investors indulging in some bargain hunting following the overnight gains on Wall Street. In addition, higher commodity prices lifted resource stocks.
The Australian market opened higher, tracking the positive lead overnight from Wall Street and higher commodity prices. Better than expected Australian jobs data also generated positive sentiment.
In late-morning trades, the benchmark S&P/ASX 200 Index is adding 44.80 points or 0.76 percent to 5,953.20, while the broader All Ordinaries Index is advancing 45.30 points or 0.77 percent to 5,922.60.
In the mining sector, BHP Billiton (BHP) is gaining 2 percent and Rio Tinto (RIO) is higher by 0.8 percent.
Fortescue Metals has reduced its cash costs by 9 percent in the third quarter, while lifting its production by 1 percent. Shares of the company are up more than 8 percent.
Iluka Resources reported a 12 percent decline in revenue for the March quarter on lower demand for its mineral sands products. The company's shares are down more than 3 percent.
Gold miner Newcrest Mining is adding almost 3 percent and Evolution Mining is gaining more than 3 percent on the back of higher gold prices rose overnight.
In the oil sector, Woodside Petroleum is up more than 1 percent, while Oil Search is adding 1.9 percent and Santos is gaining more than 3 percent amid higher crude oil prices overnight.
Among banks, ANZ Banking, Commonwealth Bank, Westpac (WBK) and National Australia Bank are higher in a range of 0.7 percent to 1 percent.
Nine Entertainment said it will sell its Nine Live business to Affinity Equity Partners for A$640 million. The company also plans to raise its share buyback program as well as lift its annual dividend payout ratio. Shares of the company are up more than 7 percent.
On the economic front, the unemployment rate in Australia was a seasonally adjusted 6.1 percent in March, the Australian Bureau of Statistics said Thursday. That beat forecasts for 6.3 percent, which would have been unchanged from the February reading.
The Australian economy added 37,700 jobs in March, also beating expectations for adding 15,000 following the gain of 15,600 jobs in the previous month. The participation rate was 64.8 percent, beating forecasts for 64.6 percent, which would have been unchanged.
The Australian Bureau of Statistics also said that the total number of new motor vehicle sales in Australia was up a seasonally adjusted 0.5 percent on month in March, standing at 96,158. That follows the 2.9 percent increase in February. On a yearly basis, new motor vehicle sales climbed 4.4 percent - up from 4.1 percent in the previous month.
In the currency market, the Australian dollar touched the US$0.77 mark before falling back on Thursday. In early trades, the local unit was trading at US$0.7679, up from Wednesday's close of US$0.7600.
The Japanese market is lower, after edging up higher in early trades following the overnight gains on Wall Street.
In late-morning trades, the benchmark Nikkei 225 Index is down 60.05 points or 0.30 percent to 19,809.71, after touching a high of 19,890.81 in early trades.
Market heavyweight Fast Retailing, the operator of Uniqlo clothing stores, is losing more than 1 percent, while Softbank is rising 0.9 percent.
Among exporters, Sharp is gaining more than 3 percent, Nikon Corp is up 0.2 percent, and Panasonic is adding 0.5 percent, while Sony Corp. (SNE) is edging down 0.2 percent.
In the tech space, Casio Computer is gaining almost 3 percent, while Advantest, Toshiba, Hitachi and Fanuc are lower in a range of 0.04 percent to more than 1 percent.
Among banks, Mitsubishi UFJ Financial (MTU) is adding 0.5 percent, while Mizuho Financial (MFG) is up 1.6 percent and Sumitomo Mitsui Financial are higher by more than 1 percent each.
In the auto sector, Honda (HMC) is up more than 1 percent, while Toyota and Nissan are down marginally. Toyota said Wednesday that it plans to invest about $1 billion for a new Corolla plant in Mexico and also invest $440 million for a manufacturing line in China.
Among the other major gainers, Japan Steel Works is advancing 2.7 percent, Sompo Japan Nipponkoa Holdings is up more than 2 percent and Toho Zinc is higher by 1.8 percent.
Meanwhile, Meiji Holdings is losing more than 4 percent, Shionogi & Co. is down more than 2 percent and Mitsumi Electric is lower by 2 percent.
In the currency market, the U.S. dollar is trading in the lower 119 yen- range on Thursday, down from the mid 119 yen range on Wednesday.
Among the other Asian markets, Shanghai, South Korea, New Zealand, Indonesia, Malaysia and Taiwan are up with modest gains. Meanwhile, Hong Kong and Singapore are marginally lower.
On Wall Street, stocks closed higher on Wednesday, partly due to a rally by energy stocks that benefited from a substantial increase in the price of crude oil.
The Dow rose 75.91 points or 0.4 percent to 18,112.61, the Nasdaq advanced 33.73 points or 0.7 percent to 5,011.02 and the S&P 500 climbed 10.79 points or 0.5 percent to 2,106.63.
The major European markets all moved to the upside on Wednesday. While the German DAX Index closed only just above the unchanged line, the U.K.'s FTSE 100 Index rose by 0.3 percent and the French CAC 40 Index advanced by 0.7 percent.
U.S. crude oil surged for fifth straight session to end at a near six percent high on Wednesday, after an official weekly oil inventory report from the Energy Information Administration showed crude stockpiles to have increased less than expected last week.
Crude oil futures for May delivery, the most actively traded contract, gained $3.10 or 5.8 percent to settle at $56.45 a barrel on the New York Mercantile Exchange Wednesday.
Copyright RTT News/dpa-AFX