Asian stocks swing between gains and losses

Asian markets oscillated between gains and losses on Tuesday in morning session as the yen declined against the dollar and investors waited for European finance ministers in Brussels to approve a crucial second bailout for Greece.

Japan's Nikkei Stock Average declined 0.01% as of 11.29 a.m. in Tokyo. Australia's ASX All Ordinaries Index was up 0.42% and South Korea's Kospi Index was down 0.57%. In China, Shanghai Composite Index added 0.19%, while Hong Kong’s Hang Seng Index was trading 0.23% lower. MSCI's broadest index of Asia Pacific shares outside Japan inched down 0.1%.

Although eurozone finance ministers were expected to approve a €130 billion bail-out with tough conditions, the drawn out process kept market watchers on their guard.

Materials continued to benefit after Saturday's reserve requirement ratio cut in China. Rio Tinto gained 0.5%, Fortescue Metals Group rose 0.4%, and OZ Minerals advanced 1.7% in Sydney. In Tokyo, Sumitomo Metal Mining added 0.3%, while Korea Zinc gained 1.6% in Seoul.

OneSteel climbed 13.7% in Sydney despite swinging to a net loss in the first half as the results met expectations and investors anticipated a stronger second half. Downer gained 5.4% after the firm swung to a net profit for the first half and confirmed its full year profit guidance.

In Tokyo, major exporters were mixed despite the yen's recent weakness. Kyocera and Fanuc both declined 0.7% and Sony shed 0.3%, while Canon and Toshiba both gained 0.3%.

US stock markets were closed in observation of the Presidents Day holiday.