SYDNEY: Australian stocks opened 0.39 percent higher on Tuesday with investors cautious ahead of a conclusion to Greek debt negotiations and with many Asian markets closed for the Lunar New Year holiday.
The benchmark S&P/ASX 200 gained 16.5 points in early trade to 4,241.7 while the broader All Ordinaries index was up 0.37 percent at 4,303.3.
"With a quiet session for the region on the cards, the local market might struggle to hold on to early gains in the absence of a catalyst," said IG Markets' Stan Shamu.
He added that markets were wary with no confirmation yet from talks on cutting around 100 billion euros ($130 billion) from Greece's debt, although reports suggest Athens is close to a deal with private creditors.
In Wellington, the benchmark NZX 50 was also subdued, edging up 3.34 points, or 0.1 percent, to 3,298.36 amid light turnover as investors stayed on the sidelines due to a lack of offshore leads.
"Locally, we've got a lot of people still rotating back from holiday and it's likely to remain quiet throughout January until earnings season next month," Craigs Investment Partners head dealer Bryon Burke said of New Zealand.
Markets in Hong Kong, Singapore, Seoul, Kuala Lumpur, Shanghai and Taipei are all closed on Tuesday for a public holiday.
The Australian dollar was fetching 105.20 US cents early on, from 104.86 US cents late Monday.
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