Euro zone finance ministers struck a deal early for a second bailout program for Greece that includes new financing of 130 billion euros and aims to cut Greece's debt to 121% of GDP by 2020 from around 160% of GDP now. Private sector holders of Greek debt are expected to take losses of up to 53.5% on the nominal value of their bonds as part of a debt exchange that will reduce Greece's debts by around 100 billion euros.

Market gains were however limited as investors were less enthusiastic to trade actively due to lack of cues from Wall Street overnight and the long awaited Greece second bailout approval news already priced in recently. The U.S. market closed on Monday in observance of Washington's Birthday.

Back to countrywide performances, the Australian stocks ended higher for third straight day today, February sending the broader All ordinaries Index and S&P/ASX200 index both by 0.82% higher. All sectors recorded healthy gains by market close with energy, mining and industrial stocks the standouts.

Onesteel climbed up 12.3% to A$0.82. The company has reported a loss of A$74 million in the first half ended December 2012, but remains bullish about growth in the second half. Company said its one-off A$130 million write-down on one of its business segments, in addition to restructuring costs impacted the company´s bottom line.

Flight Centre rose 3.7% to A$21.50 after the travel agent has reported a solid first half result and upgraded its full year guidance, thanks to the strong Australian dollar which has encouraged many consumers to take their holidays overseas. Profit for the six months to December 31 2011 came in at A$81.6 million, up 15.7%. FLT also expects full year profit to rise by 10-18% to $270-$290 million.

Minutes from the Reserve Bank of Australia's February 7 board meeting have been released today and reveal Australia's inflation outlook leaves room for another cash rate cut. However the central bank would only be looking at an easing of monetary easing if demand conditions were to wind back significantly. The central bank said more positive global conditions had prompted it to keep the official interest rate on hold in February despite widespread expectation of a cut.

The Japanese benchmark Nikkei225 Stock Average declined 0.23% to 9,463.02 after moving in tight range, registering first fall in three days in row, as investors indulged into profit taking after the benchmark indices closed six and a half months peak on Monday.

Realty developers were worst performer in the TSE sectoral pack, as profit taking interest following significant gains earlier this month after the Bank of Japan's surprise decision last week to expand its asset purchase program and move closer to targeting an inflation rate. Mitsui Fudosan lost 4.2% to 1,438 yen.

Panasonic Corp dropped 1.9% to 710 yen after announcing it plans to re-enter the European mobile-device market with a smartphone in April.

Shares of Mazda Motor Corp declined 9.9% to 145 yen amid dilution concerns after public broadcaster NHK said the automaker plans to raise 170 billion yen in funds.NHK said Mazda plans to raise 100 billion yen through a new share issue and 70 billion yen through subordinated loans from banks.

The Chinese stocks gained upward momentum during late afternoon after lackluster move entire morning, pushing up the benchmark Shanghai Composite Index by 0.75%. Upward move was also bolstered on easing concerns about liquidity squeeze after PBOC suspended its open market operation today and latest reserve requirement cuts injected 380 billion yuan into the system.

Banks and financials and realty developers stocks closed higher. Bank of China was up 1.7% at 3.08 yuan, Industrial & Commercial Bank of China 1.4% to 4.46 yuan, and China Construction Bank 0.6% to 11.23 yuan. China Vanke rose 1.2% at 7.92 yuan, Gemdale 1.7% to 5.44 yuan, and Poly Real Estate 2% to 10.98 yuan.

HK stocks closed firmer in volatile trade, with the benchmark index falling to intra-day low of 21,221 at one point. The Hang Seng Index recovered its losses after the Eurozone confirmed the EUR130 billion-bailout deal, ending up 53 points to 21,478.

Energy stocks fell down. CNOOC dipped 3% to HK$17.34. PetroChina and Sinopec fell 1% and 0.5% to HK$8.76 and HK$11.44, respectively. Shares of steel companies were lower on the back of high inventories and sluggish demand. Maanshan Iron fell 0.7% to HK$2.69 and Angang Steel 0.5% to HK$6.08

Telecom stocks closed higher, with China Telecom led rally, closing 4% higher at HK$4.60 after the company said it will offer iPhones 4S at 9 March. Meanwhile China Unicom put on 2.3% to HK$14.5 and China Mobile gained 1% to HK$81.45. Terminal operators saw selling pressure. Cosco Pacific sank 2.8% to HK$12.40 and China Merchants Holdings slipped 2.1% to HK$27.6.

Asian Capital skyrocketed 20.9% to HK$0.11 after the investment advisory company forecasted to post record HK$20 million net profit for the year ended 31 December 2011, compared to a loss recorded in 2010. The turnaround to profit was mainly attributable to a higher revenue in the fourth quarter of 2011, contributed by an increase in corporate advisory income arising from the completion of several placing and underwriting projects, as well as fair value gain on securities investments.

Shares of China Modern Dairy shrank 4.8% to HK$1.97. Food-Diary product maker said its profit and total comprehensive income attributable to owners of the company soared 1.24 times year-on-year to 160 million yuan for the six months ended 31 December 2011.

Hong Kong's seasonally adjusted unemployment rate decreased from 3.3% in October - December 2011 to 3.2% (provisional figure) in November 2011 - January 2012. The underemployment rate rose from 1.4% in October - December 2011 to 1.5% in November 2011 - January 2012, according to statistics released today by the Census and Statistics Department.

The HK Civil Aviation Department (CAD) today gave approval for passenger fuel surcharges levied by three airlines, including All Nippon Airways, Cathay Pacific Airways, and Singapore Airlines, to be increased for the period from 1 to 31 March. The new maximum levels of fuel surcharges will be HK$230 for short-haul flights and HK$1,039 for long-haul flights, 7% and 5% higher than the current maximum levels.

Indian stock market barometer Sensex index provisionally closed 0.76% higher at 18,428.61, as continued buying from funds and retail investors.

Most of the sectoral indices ended in the green with the shares from interest rate sensitive realty and banking stocks led rally as a further decline in headline inflation in January 2012 has reinforced expectations that the central bank will start cutting interest rates in the coming months to revive slowing economic growth. FMCG stocks also gained in a firm market.

Foreign institutional investors (FIIs) bought Indian shares worth a net Rs 536.49 crore on Friday, 17 February 2012, as per provisional data from the stock exchanges. FIIs have bought shares worth a net Rs 12149.25 crore in this month so far (17 February 2012), as per provisional data from the stock exchanges. The inflow this month comes on the top of heavy purchases last month. FIIs bought shares worth a net Rs 10357.70 crore in January 2012, as per data from Securities & Exchange Board of India (Sebi).

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