The Japanese stock market is slightly higher in choppy trading on Thursday, extending the gains in the previous four sessions, with the Nikkei 225 just below the 28,300 level, despite the broadly negative cues overnight from the global markets, propelled by technology stocks amid a plummeting yen.
The benchmark Nikkei 225 Index is up 42.71 points or 0.15 percent at 28,277.00, after hitting a high of 28,322.38 and a low of 28,189.35 earlier. Japanese stocks closed significantly higher on Wednesday.
Market heavyweight SoftBank Group is gaining more than 2 percent and Uniqlo operator Fast Retailing is adding almost 2 percent. Among automakers, Honda is edging up 0.4 percent and Toyota is gaining almost 1 percent.
In the tech space, Screen Holdings is gaining more than 3 percent, while Tokyo Electron and Advantest are adding almost 3 percent each.
In the banking sector, Mizuho Financial and Mitsubishi UFJ Financial are gaining more than 1 percent each, while Sumitomo Mitsui Financial is adding almost 1 percent.
Among the major exporters, Sony is edging down 0.2 percent, Canon is losing more than 1 percent and Panasonic is declining almost 3 percent, while Mitsubishi Electric is edging up 0.4 percent.
Among the other major losers, Sharp is plummeting more than 7 percent, while Kawasaki Kisen Kaisha, Nippon Yusen K.K. and Mitsui O.S.K. Lines are plunging almost 7 percent each. Pacific Metals is losing almost 3 percent.
Conversely, Yamaha is gaining almost 4 percent, while Casio Computer, Inpex and Sumitomo Chemical are adding more than 3 percent each. Mitsubishi Motors is up almost 3 percent.
In the currency market, the U.S. dollar is trading in the lower 134 yen-range on Thursday.
On Wall Street, stocks drifted lower on Wednesday amid worries about soaring inflation, global economic slowdown and prospects of tighter policy measures by the central bank. Lowering of global growth forecasts by the World Bank and the Organization for Economic Cooperation and Development weighed as well. Higher treasury yields too caused the market’s decline.
The major averages all ended notably lower. The Dow ended with a loss of 269.24 points or 0.81 percent at 32,910.90, The S&P 500 closed lower by 44.91 points or 1.08 percent at 4,115.77 and the Nasdaq ended the session with a loss of 88.96 points or 0.73 percent at 12,086.27.
The major European markets also all moved to the downside on the day. While the German DAX Index slid 0.76 percent, France’s CAC 40 shed 0.8 percent, and the U.K.’s FTSE 100 edged down 0.08 percent.
Crude oil prices climbed higher on Wednesday, buoyed by a sharp drop in gasoline inventories in the U.S. last week, and on optimism for increased demand from China. West Texas Intermediate Crude oil futures for July ended higher by $2.70 or 2.3 percent at $122.11 a barrel, hitting a three-week high.
Market Analysis
Japanese Market Slightly Higher
2022-06-09 02:23:30
