RTTNews - Most of the markets across Asia ended in positive territory following rise in commodity prices in the international market. Banks also gained following better-than-expected results from major European banks. However, profit taking following recent gains trimmed the gains and most markets ended off the day's high. The markets in India, Hong Kong, Singapore and Taiwan ended in the negative territory.

The stock market in Japan ended in positive territory on Tuesday following Wall Street cues where the major averages ended strongly higher on positive economic data. Profit trading late in the session following recent gains, however, trimmed the gains.

The benchmark Nikkei 225 Index ended the session at 10,375, up 22.54 points, or 0.22%, while the broader Topix index of all first section stocks rose to a nine-month high of 959, with a gain of 1.46 points, or 0.15%.

Light sweet crude oil for September delivery ended the Asian trading session at $70.81, down $0.77 from its previous close in New York at $71.58 a barrel on Monday.

Trading companies advanced following rise in commodity prices in the international market. Mitsui & Co. surged up 5.68%, Mitsubishi Corp gained 2.09% and Sumitomo Corp. rose 3.67%.

Sumitomo Metals & Minerals advanced 4.68% and Nippon Mining gained 2.58%.

Insurance stocks also advanced after the TED spread narrowed, signaling the return of stability in the global financial market. T&D Holdings rose 2.94% and Tokio Marine Holdings rose 1.24%.

Mixed trading was witnessed among the financials on profit taking. While Mitsubishi UFJ Financial remained unchanged from previous close and Mizuho Financial added 0.88%, Resona Holdings fell 2.45% and Sumitomo Mitsui Financial edged down 0.72%.

Automakers slipped on poor earnings results. Suzuki Motor, which reported a 92% drop in quarterly earnings on Monday, slumped 4.96%. Nissan Motor declined 4.41% and Toyota Motor dropped 1.47%.

In Australia, the benchmark S&P/ASX200 Index ended at 4,315, representing a gain of 1.21% or 51.70 points, and the All-Ordinaries Index ended with a gain of 43.40 points, or 1.02% at 4,314.

On the economic front, the Reserve Bank of Australia left its key interest rate unchanged as expected for the fourth month. The official cash rate now stands at 3%, the lowest level in 49 years. In a separate report, the Australian Bureau of Statistics revealed that retail sales, on a seasonally-adjusted basis, dropped 1.4% month-on-month in June, after rising 1% in the preceding two months and 2% in March. Total retail sales amounted to A$19.4 billion, down from A$19.7 billion in May.
Mining stocks advanced following sharp rise in commodity prices in the international market. BHP Billiton gained 2.02%, Rio Tinto surged up 4.30%, Iluka Resources advanced 3.02% and Fortescue Metals edged up 0.23%.

Financials advanced on expectations of global recovery and stabilization in the global financial sector after the major European banks reported satisfactory results and were cautiously optimistic in their forecast. ANZ Bank gained 3.00%, Commonwealth Bank of Australia advanced 1.97%, National Australia Bank rose 3.97% and Westpac Banking added 0.45%.

Mixed trading was witnessed among the oil stocks despite rise in crude oil prices. While Woodside Petroleum slipped 0.82% and Santos edged down 0.20%, Oil Search added 0.89% and Origin Energy advanced 0.82%.

Gold stocks also ended mixed. Sino Gold surged up 4.42% and Newcrest Mining gained 3.97%. However, Lihir Gold edged down 0.36%.

In Hong Kong, the Hang Seng Index ended in negative territory with a loss of 10.83 points, or 0.05% at 20,796, as traders preferred to lock in gains following a recent rally.

HSBC Holdings, which reported better than expected results on Wednesday, surged up 6.95%. Aluminum Corp. of China, or CHALCO, advanced 3.31% and China Shenhua rose 2.31%.

Retailer Li & Fung, which exports most of its goods to Wal-Mart in the US, added 3.15% on recovery hopes. Other notable gainers include China Mercantile Holdings which surged up 6.52% and Cathay Pac Air which advanced 2.93%. Property stocks and other components of the index ended in negative territory on profit taking.

In South Korea, the benchmark KOSPI Index ended in positive territory with a modest gain of 1.39 points, or 0.09% at 1,567, led by foreign institutional investment who picked up auto-related stocks and blue chips. Profit taking across the board following recent gains limited the upside. Automakers, steel and technology shares attracted buying interest from the investors in a relatively low volume trading session.

The Indian market closed with a modest loss on Tuesday, as weak global cues led to some profit taking after recent gains. The BSE Sensex finished the session at at 15,831, down 93 points or 0.59% from its previous close, and the S&P CNX Nifty fell 31 points or 0.66% to close at 4,680.

Among the other major markets in the region, China's Shanghai Composite Index added 8.85 points, or 0.26% to close at 3,471 and Indonesia's Jakarta Composite Index advanced 21.30 points, or 0.91% to close at 2,361. On the other hand, Singapore's Strait Times Index lost 32.88 points, or 1.23% to close at 2,649 and Taiwan's Weighted Index fell 100.84 points, or 1.43% to close at 6,956.

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