Asian Markets Trading Mixed

(RTTNews) - Asian stock markets are trading mixed on Thursday, following the broadly positive cues from global markets overnight, as traders indulged booking some profits after the recent gains amid continued easing of concerns about contagion from the recent turmoil in the banking sector. Markets were spurned by a rebound by technology stocks, which mirrored their peers on the tech-heavy Nasdaq. Asian Markets closed mixed on Wednesday.

Top U.S. regulators expressed confidence that banks were solvent, blaming the recent collapse of Silicon Valley Bank on mismanagement, rather than systemic risks.

The Australian stock market is significantly higher on Thursday, extending the gains in the previous three sessions, with the benchmark S&P/ASX 200 moving above the 7,100 level, following the broadly positive cues from global markets overnight, boosted by technology stock which mirrored their peers on the tech-heavy Nasdaq. Heavy-weight miners and banks are also gaining.

The benchmark S&P/ASX 200 Index is gaining 59.40 points or 0.84 percent to 7,109.70, after touching a high of 7,127.20 earlier. The broader All Ordinaries Index is up 63.00 points or 0.87 percent to 7,299.00. Australian stocks ended slightly higher on Wednesday.

Among major miners, BHP Group is gaining almost 3 percent. Fortescue Metals and Rio Tinto are adding more than 2 percent each, while Mineral Resources and OZ Minerals are edging up 0.2 percent each.

Oil stocks are mostly lower. Santos is losing more than 1 percent, Woodside Energy is edging down 0.4 percent and Beach energy is down almost 1 percent, while Origin Energy is edging up 0.1 percent. In the tech space, Appen is surging almost 7 percent, Zip is soaring more than 8 percent, Xero is up more than 1 percent, WiseTech Global is adding more than 2 percent and Afterpay owner Block is gaining 2.5 percent.

Among the big four banks, Commonwealth Bank, ANZ Banking, National Australia Bank and Westpac are gaining more than 1 percent each.

Among gold miners, Northern Star Resources is edging down 0.2 percent, Newcrest Mining is losing 1.5 percent, Resolute Mining is declining almost 3 percent and Gold Road Resources is slipping almost 4 percent, while Evolution Mining is adding more than 1 percent.

In the currency market, the Aussie dollar is trading at $0.667 on Thursday.

The Japanese stock market is significantly lower on Thursday, giving up some of the gains in the previous three sessions, with the Nikkei 225 falling below the 27,700 level, despite the broadly positive cues from global markets overnight, as traders indulged in booking some profits after the recent gains in the markets amid easing concerns about the turmoil in banking industry.

The benchmark Nikkei 225 Index closed the morning session at 27,681.32, down 202.46 points or 0.73 percent, after hitting a low of 27,651.25 earlier. Japanese stocks closed sharply higher on Wednesday.

Market heavyweight SoftBank Group is losing almost 2 percent, while Uniqlo operator Fast Retailing is edging up 0.3 percent. Among automakers, Toyota is losing almost 1 percent and Honda is edging down 0.5 percent.

In the tech space, Screen Holdings is edging down 0.3 percent and Tokyo Electron is plummeting 66 percent, while Advantest is edging up 0.3 percent.

In the banking sector, Mitsubishi UFJ Financial, Sumitomo Mitsui Financial and Mizuho Financial are all losing almost 2 percent each. Among the major exporters, Panasonic is edging down 0.4 percent and Mitsubishi Electric is losing more than 1 percent, while Sony is gaining almost 3 percent. Canon is flat.

Among the other major losers, Daiwa Securities is losing more than 3 percent.

Conversely, Daiichi Sankyo is gaining more than 3 percent.

In the currency market, the U.S. dollar is trading in the higher 132 yen-range on Thursday.

Elsewhere in Asia, New Zealand, South Korea Indonesia and Taiwan are higher by between 0.3 and 0.9 percent each, while China, Hong Kong, Singapore and Malaysia are lower by between 0.2 and 0.5 percent each. On Wall Street, stocks showed a strong move to the upside during trading on Wednesday, more than offsetting the weakness seen in the previous session. The major averages all moved higher on the day, with the Nasdaq leading the advance.

The major averages reached new highs for the session going into the close of trading. The Nasdaq surged 210.16 points or 1.8 percent to 11,926.24, the S&P 500 shot up 56.54 points or 1.4 percent to 4,027.81 and the Dow jumped 323.35 points or 1.0 percent to 32,717.60.

The major European markets also showed strong moves to the upside on the day. While the French CAC 40 Index has shot up by 1.4 percent, the German DAX Index and the U.K.'s FTSE 100 Index jumped by 1.2 percent and 1.1 percent, respectively.

Crude oil futures failed to hold early gains and ended modestly lower on Wednesday, despite data showing a drop in crude stockpiles last week. West Texas Intermediate Crude oil futures for May faded $0.23 or 0.3 percent at $72.97 a barrel, coming off a high of $74.37 a barrel.