Asian Markets Trade Marginally Higher Amid Thin Volumes

(RTTNews) - With most of the markets in the region closed for Christmas Holiday, the mood is quite cautious in the Asian stock markets where trading is in progress on Wednesday.

All the three markets, Japan, Shanghai and Taiwan, where trading is currently on, are up trading marginally higher. However, buying interest is somewhat subdued and volume of business is rather thin with investors mostly staying on the sidelines.

After a weak start, the Japanese market is trading modestly higher on Wednesday, tracking a positive lead from Wall Street where the major averages moved up overnight on the back of some encouraging economic news.

The benchmark Nikkei 225 index, which declined to 15,853.5 in early trades, rose to 15,953 subsequently and is currently up 39 points or 0.25 percent at 15,928.3.

Nippon Meat Packers is trading higher by nearly 4 percent. Fast Retailing, Dainippon Sumitomo Pharma, Citizen Holdings, JGC Corp. and Nippon Paper Industries are gaining 2 to 3 percent.

Pioneer Corp., Oji Holdings, Tokai Carbon, Advantest Corp. (ATE), Japan Tobacco, Kawasaki Kisen Kaisha, Dai-ichi Life Insurance, Taisei Corp., Hokuetsu Kishu Paper and Sumitomo Realty & Development are trading higher by 1 to 1.8 percent.

Meanwhile, Mitsui Chemicals, NEC Corp., Chubu Electric Power, Hitachi Zozen, Dowa Holdings, Nippon Express, JX Holdings, GS Yuasa, Sumitomo Chemical, Nippon Steel & Sumitomo Metal Corp., Softbank Corp. and Mitsubishi Chemical Holdings are trading weak, losing 1 to 2 percent.

In the currency market, the yen is trading at 104.35 to the U.S. dollar, little changed from its previous close.

Among other markets in the Asia-Pacific region, Shanghai and Taiwan are up with modest gains. Markets in Australia, New Zealand, South Korea, Malaysia, Singapore, Hong Kong, India and Indonesia are closed for Christmas Holiday.

On Wall Street, stocks ended mostly higher on Tuesday, due largely to a positive reaction to encouraging data on durable goods orders and new home sales for November.

The major averages closed moderately higher, near their best levels of the day. The Dow climbed 62.9 points or 0.4 percent to 16,357.6, the Nasdaq edged up 6.5 points or 0.2 percent to 4,155.4 and the S&P 500 rose 5.3 points or 0.3 percent to 1,833.3.

Major European markets ended modestly higher on Tuesday. The U.K.'s FTSE 100 index and the French CAC 40 index moved up by 0.2 percent and 0.1 percent, respectively. Ther German market remained closed.

U.S. crude oil ended higher on Tuesday, on hopes of a surge in demand following some upbeat manufactured durable goods orders data out of the U.S. Crude for February deliver ended up $0.31 or 0.3 percent at $99.22 a barrel on the New York Mercantile Exchange.