Asian Markets Trade Mixed In Thin Holiday Trade

Asian stock markets are trading mixed in thin trading on Monday, despite the mostly positive cues from Wall Street on Friday, with markets in China, Japan, Hong Kong, Singapore, Malaysia, Taiwan and South Korea closed for public holidays. Concerns over China’s struggling economy and heightened geopolitical tensions in the Middle East weigh on the markets. Asian markets closed mixed on Friday.

The Australian stock market is modestly lower on Monday, snapping a three-session winning streak, with the benchmark S&P/ASX 200 staying above the 7,600.00 level, despite the mostly positive cues from Wall Street on Friday, with weakness in mining stocks amid softer commodity prices.

The benchmark S&P/ASX 200 Index is losing 14.60 points or 0.19 percent to 7,630.20, after hitting a low of 7,609.60 earlier. The broader All Ordinaries Index is down 9.70 points or 0.12 percent to 7,875.00. Australian stocks closed slightly higher on Friday.

Among the major miners, Rio Tinto, BHP Group and Mineral Resources are losing almost 1 percent each, while Fortescue Metals is edging up 0.5 percent.

Oil stocks are mostly higher. Beach energy is gaining more than 3 percent, Origin Energy is edging up 0.3 percent and Santos is adding almost 1 percent, while Woodside Energy is declining almost 2 percent.

Among tech stocks, Xero is gaining more than 1 percent, Zip is surging more than 5 percent and WiseTech Global is gaining more than 1 percent, while Afterpay owner Block is losing almost 3 percent. Appen is skyrocketing more than 14 percent after the trouble data services company said it will further slash costs, including closing its Toronto and Bellevue offices in North America after losing a key contract with Google.

Gold miners are mixed. Evolution Mining is edging down 0.3 percent, Newmont is declining more than 1 percent and Northern Star Resources is losing almost 1 percent, while Gold Road Resources and Resolute Mining are gaining almost 1 percent.

Among the big four banks, Commonwealth…