Technology and oil stocks offered some support, while investors continue to be concerned about a recent surge in global bond yields
Asian stock markets are mostly lower on Monday on mixed cues from Wall Street on Friday, with only the tech-heavy Nasdaq moving higher. Technology and oil stocks are offering some support, while investors continue to be concerned about a recent surge in global bond yields and the prospects of a global economic recovery. Asian markets ended mostly lower on Friday.
The Australian stock market is higher on Monday, shrugging off early losses, with the benchmark S&P/ASX 200 rebounding from three-week lows to above the 6,700 level, as weakness in materials and financials were more than offset by advances in energy and technology stocks.
The benchmark S&P/ASX 200 Index is advancing 42.00 points or 0.63 percent to 6,750.20, after reaching a low of 6,688.20 earlier. The broader All Ordinaries Index is up 33.80 points or 0.49 percent to 6,993.40. Australian stocks ended lower on Friday.
Among the major miners, BHP Group and Rio Tinto are inching down 0.5 percent each, while OZ Minerals is declining nearly 1 percent each. Fortescue Metals is down more than 4 percent and Mineral Resources is declining more than 2 percent.
Oil stocks are mostly higher after crude oil prices climbed on Friday. Oil Search, Woodside Petroleum and Santos are gaining nearly 2 percent each.
The big four banks are mixed. National Australia Bank and ANZ Banking are inching up 0.5 percent each, while Westpac is inching down 0.1 percent and Commonwealth Bank is down 0.5 percent.
ANZ and CBA announced that they have reached a settlement in the US rate rigging class action brought against it and few other banks in 2016.
Among tech stocks, Afterpay is advancing nearly 3 percent, while WiseTech Global and Appen are inching up 0.3 percent each.
Among gold miners, Newcrest Mining is inching up 0.5 percent and Evolution Mining is gaining nearly 2 percent, while Northern Star Resources is declining nearly 1 percent.
Heavy rains and flooding over the weekend in some parts of the country, the worst flooding in half a century, put pressure on local insurers and real estate stocks. Insurance giant IAG is declining more than 2 percent, QBE Insurance is down more than 1 percent and Suncorp falling nearly 2 percent.
Shares in Crown Resorts climbed more than 17 percent after the casino giant received an $8 billion takeover bid from the private equity group Blackstone.
Shares in AnteoTech are also surging nearly 18 percent after the diagnostics firm revealed positive results for a rapid COVID-19 antigen test.
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