CANBERA (dpa-AFX) - Asian stock markets are mostly higher on Monday with modest gains following the mostly negative cues from Wall Street on Friday and as investors remained cautious amid the rising number of coronavirus cases in the U.S. and other parts of the world. The World Health Organization has warned that the pandemic is accelerating globally.
The Australian market opened lower following the mostly negative cues from Wall Street amid the rising number of coronavirus cases in the U.S. as well as the Australian state of Victoria. However, the market has recovered and is now modestly higher.
The benchmark S&P/ASX 200 Index is adding 11.00 points or 0.19 percent to 5,953.60, after falling to a low of 5,881.10 earlier. The broader All Ordinaries Index is up 5.10 points or 0.08 percent to 6,066.70. Australian stocks closed flat on Friday.
Among the big four banks, Westpac and National Australia Bank are lower by almost 1 percent each, while Commonwealth Bank is declining 0.2 percent and ANZ Banking is down 0.1 percent.
In the oil sector, Santos and Oil Search are lower by more than 1 percent each, while Woodside Petroleum is losing 1 percent even as crude oil prices rose more than 2 percent on Friday.
Among the major miners, Fortescue Metals is declining 0.5 percent and Rio Tinto is down 0.2 percent, while BHP is adding 0.3 percent.
Meanwhile, gold miners are higher after gold prices rose to a more than one month high on Friday. Newcrest Mining is rising more than 3 percent and Evolution Mining is advancing more than 2 percent.
Metcash reported a full-year loss after incurring a non-cash impairment charge following the loss of its 7-Eleven supply contract. The IGA supermarket supplier's shares are losing almost 3 percent.
Transurban Group said it will pay a reduced second-half dividend amid a fall in traffic volumes due to the coroanvirus pandemic. The toll road operator's shares are lower by more than 2 percent.
Meanwhile, James Hardie Industries raised its earnings margin outlook for the June quarter following improved housing market activity, particularly in North America. The building product maker's shares are gaining more than 3 percent.
In the currency market, the Australian dollar is lower against the U.S. dollar on Monday. The local unit was quoted at $0.6820, compared to $0.6859 on Friday.
The Japanese market recovered after a weak start and is edging higher. Nevertheless, investors are cautious after reports showed a surge in coronavirus infections in several states in the U.S.
The benchmark Nikkei 225 Index is adding 14.19 points or 0.06 percent to 22,492.98, after touching a low of 22,311.94 in early trades. Japanese shares closed higher on Friday.
Market heavyweight SoftBank Group is adding almost 1 percent, while Fast Retailing is down 0.3 percent.
The major exporters are mostly lower on a slightly stronger yen. Panasonic is lower by almost 1 percent, Canon is declining 0.5 percent and Mitsubishi Electric is down 0.3 percent, while Sony is adding 0.3 percent.
In the tech space, Advantest is losing almost 1 percent and Tokyo Electron is lower by 0.3 percent. Among automakers, Toyota is declining 0.4 percent and Honda Motor is down 0.2 percent.
In the oil sector, Japan Petroleum is rising more than 1 percent, while Inpex is down 1 percent even as crude oil prices rose on Friday.
Among the other major gainers, Z Holdings is rising more than 3 percent, while Shionogi & Co. and Nippon Steel are higher by almost 3 percent each.
On the flip side, Mitsui E&S Holdings is tumbling almost 8 percent, while Yamaha Corp., Keio Corp. and Dena Co. are losing more than 3 percent each.
Japan Airlines Co. has said it is looking to raise 500 billion yen from lenders and also posted its first quarterly loss after relisting its shares in 2012. The airline's shares are lower by more than 1 percent.
In the currency market, the U.S. dollar is trading in the upper 106 yen-range on Monday.
Elsewhere in Asia, Shanghai, Singapore, Taiwan and Malaysia are also modestly higher, while South Korea, New Zealand, Hong Kong and Indonesia are lower.
On Wall Street, stocks closed mostly lower on Friday following reports showing a surge in coronavirus infections in several states in the U.S. and as the World Health Organization warned that the pandemic is 'accelerating and the world is in a new and dangerous phase'.
The Dow slumped 208.64 points or 0.80 percent to settle at 25,871.46 and the S&P 500 slid 17.60 points or 0.56 percent to 3,097.74, while the tech-heavy Nasdaq edged up 3.07 points or 0.03 percent to 9,946.12.
Meanwhile, the major European markets ended higher on Friday. The U.K.'s FTSE 100 advanced 1.1 percent, while Germany's DAX and France's CAC 40 rose 0.4 percent and 0.42 percent, respectively.
Crude oil prices rose on Friday amid continued optimism that the members of the OPEC and their allies will strictly comply with agreed production cuts to balance demand-supply position and help stabilize prices. WTI crude for July gained $0.91 or about 2.3 percent to $39.75 a barrel.
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