The Japanese stock market is significantly higher on Tuesday, extending the sharp gains of the previous session, with the benchmark Nikkei index above the 28,800 level, following the positive cues from Wall Street overnight, as economic optimism tempered coronavirus concerns.
The benchmark Nikkei 225 Index is gaining 233.27 points or 0.82 percent to 28,802.29, after touching a high of 28,852.31 earlier. Japanese shares closed sharply higher on Monday.
Market heavyweight SoftBank Group is gaining more than 1 percent and Uniqlo operator Fast Retailing is adding almost 1 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is edging up 0.3 percent, while Nissan Motor is edging down 0.3 percent.
In the tech space, Advantest is losing more than 1 percent and Screen Holdings is down more than 3 percent, while Tokyo Electron is flat. In the banking sector, Mitsubishi UFJ Financial, Mizuho Financial and Sumitomo Mitsui Financial are all gaining almost 1 percent each.
The major exporters are higher, with Sony, Mitsubishi Electric and Canon are gaining more than 1 percent each, while Panasonic is adding almost 1 percent.
Among the other major gainers, Unitika is gaining almost 5 percent, while Amada and Inpex are adding more than 4 percent each. Yokogawa Electric, Sumco and Sompo Holdings are up more than 3 percent each, while Citizen Watch, CyberAgent, Seiko Epson and Nippon Yusen K.K. are rising almost 3 percent each. T&D Holdings, Toho Zinc, Chubu Electric Power and Olympus are up more than 2 percent each.
Conversely, Yamato Holdings, Secom and Central Japan Railway are losing more than 1 percent each.
In the currency market, the U.S. dollar is trading in the higher 110 yen-range on Tuesday.
On Wall Street, stocks moved modestly higher over the course of the trading session on Monday after showing a lack of direction early in the session. With the upward move, the major averages all reached new record closing highs.
The major averages all close in positive territory. The Dow climbed 126.02 points or 0.4 percent to 34,996.18, the Nasdaq edged up 31.32 points or 0.2 percent to 14,733.24 and the S&P 500 rose 15.08 points or 0.4 percent to 4,384.63.
The major European markets also moved to the upside on the day. While the U.K.’s FTSE 100 Index inched up by 0.1 percent, the French CAC 40 Index and the German DAX Index rose by 0.5 percent and 0.7 percent, respectively.
Crude oil futures closed lower Monday after two days of gains amid concerns about the outlook for energy demand due to the surge in the delta variant of the coronavirus. West Texas Intermediate Crude oil futures for August ended down $0.46 or 0.6 percent at $74.10 a barrel.
Market Analysis
Japanese Market Significantly Higher
2021-07-13 02:26:53
