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Asian Markets Mostly Higher Amid Cautious Trades

(RTTNews) - Asian stock markets are trading mostly higher on Friday, following the broadly positive cues overnight from Wall Street, even as investors remain cautious and continue to monitor the spread of the new coronavirus Omicron variant and vaccine efficacy against it. There are concerned the variant could derail the global economic recovery. Asian markets ended mixed on Thursday.

However, the WHO's chief scientist suggested that the vaccines are likely to hold some protection against the new Covid-19 mutation.

The Australian stock market is modestly higher on Friday, recouping some of the losses in the previous two sessions, with the benchmark S&P/ASX 200 staying above the 7,200 level, following the broadly positive cues overnight from Wall Street, as traders looked to buy stocks at a bargain after recent Omicron-induced losses, even as they remain cautious and continue to monitor the spread of the new coronavirus variant.

The benchmark S&P/ASX 200 Index is gaining 11.00 points or 0.15 percent to 7,236.20, after touching a high of 7,288.20 and low of 7,211.50 earlier. The broader All Ordinaries Index is up 3.00 points or 0.04 percent to 7,539.10. Australian markets ended slightly lower on Thursday.

Among major miners, Rio Tinto and OZ Minerals are adding more than 1 percent each, while Fortescue Metals is edging down 0.2 percent and Mineral Resources is edging up 0.3 percent. BHP Group is gaining almost 2 percent after its board approved a proposal to scrap the Australian miner's dual-listed structure.
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