Japanese stock market is slightly higher after paring early gains on Monday, extending the gains of the previous two sessions, with the Nikkei 225 above the 28,300 level, following the mixed cues from Wall Street on Friday. Traders also remain concerned as more than 40 percent of Japan’s population are the state of emergency, limiting economic activity.
The benchmark Nikkei 225 Index is gaining 22.52 points or 0.08 percent to 28,340.35, after touching a high of 28,584.18 earlier. Japanese shares ended notably higher on Friday.
Market heavyweight SoftBank Group is losing more than 2 percent, while Uniqlo operator Fast Retailing is gaining almost 1 percent. Among automakers, Honda is gaining more than 2 percent, and Toyota is adding almost 2 percent.
The major exporters are mostly higher, with Canon adding almost 2 percent, while Panasonic and Mitsubishi Electric are gaining more than 1 percent each. Sony is edging down 0.2 percent.
In the tech space, Advantest is losing almost 1 percent and Tokyo Electron is edging down 0.5 percent, while Screen Holdings is gaining almost 1 percent each. In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are gaining more than 1 percent each, while Mitsubishi UFJ Financial is adding almost 2 percent.
Among the other major gainers, Kawasaki Kisen Kaisha is surging almost 7 percent, Shinsei Bank is adding almost 6 percent, Nippon Yusen is up almost 5 percent and Mitsui OSK Lines is rising more than 4 percent, while Japan Steel Works and Citizen Watch are up almost 4 percent each. Kobe Steel and Kubota are adding most than 3 percent each, while Mitsubishi Chemical, Sumitomo Dainippon, Kuraray, Showa Denko, Sumitomo Heavy Industries, Yamaha and Marubeni are gaining almost 3 percent each.
Conversely, Rakuten is losing more than 3 percent, while Marui Group and Nexon are down more than 2 percent each. Pacific Metals is declining almost 2 percent.
In the currency market, the U.S. dollar is trading in the higher 108 yen-range on Monday.
On Wall Street, stock indexes turned mixed over the course of the trading day on Friday after moving to the upside early in the session. While the Dow managed to remain in positive territory, the Nasdaq and the S&P 500 slid into the red.
The major averages finished the day on opposite sides of the unchanged line. The Dow rose 123.69 points or 0.4 percent to 34,207.84, but the Nasdaq fell 64.75 points or 0.5 percent to 13,470.99 and the S&P 500 edged down 3.26 points or 0.1 percent to 4,155.86.
Meanwhile, most European stocks moved to the upside on the day. The French CAC 40 Index advanced by 0.7 percent and the German DAX Index rose by 0.4 percent, although the U.K.’s FTSE 100 Index closed just below the unchanged line.
Crude oil prices rose sharply on Friday on reports that a cyclone may disrupt production in the Gulf of Mexico. West Texas Intermediate Crude oil futures ended up $1.64 or 2.7 percent at $63.58 a barrel. WTI futures shed 2.7 percent in the week.
Market Analysis
Japanese Market Slightly Higher
2021-05-24 02:33:54
