Asian Stocks Turning In Mixed Performance Ahead Of Holidays

(RTTNews) - Asian stocks are turning in a mixed performance on Wednesday, and trading volumes or thin in most of the markets in the region with several markets set to close early today and remain shut tomorrow for Christmas.

Positive cues from Wall Street, where the S&P 500 reached a record closing high overnight after data showed stronger than expected GDP growth in the third-quarter help limit the downside in some of the markets.

The Australian market is showing weakness with stocks from the banking sector drifting lower. The trading session will end at 2.10 pm local time today, and the market will remain closed on Thursday and Friday, for Christmas and Boxing Day holidays, respectively.

The S&P/ASX index is down 0.38% at 8,762.70, while the broader All Ordinaries Index is lower by about 0.3% at 9,069.00.

National Australia Bank, Westpac, Commonwealth Bank, and ANZ Bank are all down in negative territory, losing between 0.4 to 1%.

Mining stocks are finding some support on higher metal prices. BHP, Fortescue Metals and Rio Tinto have moved higher.

Shares of fertility major Monash IVF tanked more than 11% this morning after a consortium withdrew its offer to acquire the company.

The Japanese market is trading higher with stocks from across several sectors moving up. Possibility of more rate hikes by the Japanese central bank is limiting the market's upside.

The minutes of the Bank of Japan's October meeting showed policymakers debated the need to continue raising interest rates to levels deemed neutral to the economy with some arguing doing so would help achieve long-term, stable growth.

The Nikkei 225 is up by about 0.1%.

Toho Zinc is soaring nearly 12%. Screen Holding is surging 10%. Nippon Sheet Glass, Sumitomo Metal Mining, Pacific Metals, Furukawa and Mitsubishi Materials are up 4 to 7.3%.

Panasonic, Advantest, Taiyo Yuden, Mitsui Chemicals, Fujikura and Tokyo Electron are among the other prominent gainers.

Meanwhile, Okuma, MS&AD Insurance, Mitsui Engineering & Shipbuilding, TDK, Resona Holdings, Softbank, CyberAgent, Kawasaki and Tokio Marine are notably lower.

Shanghai's SSE Composite Index is up 0.16% at 3,926.34.

Shares from healthcare, construction, retail, technology and R&D companies are finding support, while consumer staples, industrials, travels, energy and media stocks are showing weakness.

Hong Kong's Hang Seng index is gaining about 0.15%. The South Korean market is up marginally, with its benchmark KOSPI gaining about 0.1%.

Data from the Bank of South Korea showed consumer confidence in South Korea decreased to 109.90 points in December from 112.40 points in November.

The New Zealand market is also up slightly, while markets in Singapore, Malaysia and Indonesia are weak.