July 7, 2022

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Asian Markets Trading Mixed

2 min read

Asian stock markets are trading mixed on Monday, following the broadly positive cues from Wall Street on Friday and as traders remain cautious amid worries about the economic impact of the ongoing Russian invasion of Ukraine and reports of related increasing sanctions on Russia by western countries. Sinking crude oil prices also impacted market sentiment. Asian markets closed mixed on Friday.

The Australian stock market is modestly higher on Monday, recouping the losses in the previous two sessions, with the benchmark S&P/ASX 200 moving above the 7,500 level, following the broadly positive cues from Wall Street on Friday, with gains in materials and gold mining stocks, partially offset by weakness in technology stocks.

Meanwhile, traders continue to monitor the lingering geopolitical situation amid the continued escalation of the Russia-Ukraine crisis and the related increasing sanctions on Russia.

The benchmark S&P/ASX 200 Index is gaining 24.80 points or 0.33 percent to 7,518.60, after touching a high of 7,536.80 earlier. The broader All Ordinaries Index is up 35.40 points or 0.46 percent to 7,821.30. Australian stocks closed slightly lower on Friday.

Among the major miners, BHP Group, OZ Minerals and Rio Tinto are gaining more than 1 percent each, while Mineral Resources is advancing more than 2 percent and Fortescue Metals is adding almost 3 percent.

Oil stocks are mixed, with Beach energy edging down 0.2 percent, while Woodside Petroleum and Origin Energy are edging up 0.5 percent each. Santos is flat.

Among tech stocks, Appen is losing more than 1 percent, Block is slipping almost 2 percent, WiseTech Global is slipping almost 1 percent, while Xero is edging up 0.4 percent and Zip is gaining more than 2 percent.

Gold miners are strong. Gold Road Resources and Newcrest Mining are gaining 1.5 percent each, while Resolute Mining is advancing almost 4 percent, Evolution Mining is adding more than 2 percent and Northern Star Resources is rising more than 3…

2022-04-03 23:37:29

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