The Japanese stock market is higher on Thursday, rebounding after closing the previous session at its seven week low, with the Nikkei 225 above the 28,700 level, as gains in materials and energy stocks offset weakness in technology stocks which mirrored the steep drop by the tech-heavy Nasdaq. The cues were negative overnight from Wall Street.
The benchmark Nikkei 225 Index is adding 316.99 points or 1.12 percent to 28,722.51, after hitting a low of 28,414.92 in early trades. Japanese shares ended sharply lower on Wednesday.
Market heavyweight SoftBank Group is losing more than 3 percent and Uniqlo operator Fast Retailing is edging down 0.1 3 percent. Among automakers, Honda is adding almost 2 percent and Toyota is edging up 0.4 percent.
In the tech space, Advantest and Tokyo Electron are losing almost 3 percent each. In the banking sector, Mitsubishi UFJ Financial is adding more than 2 percent and Sumitomo Mitsui Financial is up almost 3 percent.
The major exporters are mostly higher. Mitsubishi Electric is rising more than 1 percent, Canon is adding nearly 4 percent and Panasonic is gaining almost than 2 percent. Sony is losing more than 1 percent.
Among the other major gainers, Mitsui Mining is adding almost 5 percent, while Lonica Minolta, Aozora Bank, Mitsubishi Materials and Nippon Light Metals are gaining more than 4 percent each. Canon, Minebea Mitsumi, Sunitomo Heavy industries, Tokyu Fudosan, Sumitomo Osaka Cement and Nippon Suisan Kaisha are up almost 3 percent each.
Conversely, Hino motors is losing almost 7 percent, while DeNA, Rakuten, Z Holdings, M3 and Sumco Corp. are down more than 2 percent each.
In the currency market, the U.S. dollar is trading in higher 108 yen-range on Thursday.
On Wall Street, stocks saw further downside over the course of the trading day on Wednesday after coming under pressure late in the previous session. Technology stocks helped lead the way lower, resulting in a steep drop by the tech-heavy Nasdaq.
The major averages all closed in negative territory, although the Dow edged down just 3.09 points or less than a tenth of a percent to 32,420.06. The Nasdaq plunged 265.81 points or 2 percent to 12,961.89 and the S&P 500 slid 21.38 points or 0.6 percent to 3,889.14.
Meanwhile, the major European markets turned in a mixed performance the day. While the German DAX Index fell by 0.4 percent, the French CAC 40 Index closed just above the unchanged line and the U.K.’s FTSE 100 Index inched up by 0.2 percent.
Crude oil futures surged on Wednesday after a container ship got struck in the Suez Canal and raised concerns about possible supply disruptions. West Texas Intermediate Crude oil futures for May ended up $3.42 or 5.9 percent at $61.18 a barrel.
Market Analysis
Japanese Market Higher
2021-03-25 02:35:04
