Extending the losses in the previous three sessions, the Japanese market is modestly lower in choppy trading on Thursday, following the mixed cues from global markets overnight. The Nikkei 225 is falling to near the 38,600 level, with losses in financial and technology stock, partially offset by gains in some index heavyweights and exporters.
The benchmark Nikkei 225 Index is down 77.65 points or 0.20 percent to 38,618.32, after hitting a low of 38,400.17 earlier. Japanese shares ended modestly lower on Wednesday.
Market heavyweight SoftBank Group is edging up 0.5 percent and Uniqlo operator Fast Retailing is gaining more than 1 percent. Among automakers, Toyota is edging up 0.2 percent, while Honda Retailing is gaining more than 1 percent.
In the tech space, Advantest is losing almost 3 percent, while Tokyo Electron and Screen Holdings are declining more than 2 percent each.
In the banking sector, Mizuho Financial is edging down 0.2 percent and Mitsubishi UFJ Financial is losing almost 1 percent. Sumitomo Mitsui Financial is flat
Among the major exporters, Canon, Panasonic, Sony and Mitsubishi Electric are edging up 0.2 to 0.5 percent each.
Among other major losers, Ebara is declining almost 4 percent and Keyence is losing almost 3 percent.
Conversely, Sumitomo Metal Mining is surging 6.5 percent, while Mitsubishi Materials and Kansai Electric Power are gaining more than 5 percent each. Sumitomo Chemical and Mitsubishi Chemical are adding more than 4 percent each, while ENEOS Holdings and Tokyo Electric Power are advancing almost 4 percent each. Sumitomo Pharma, Idemitsu Kosan, Dowa Holdings and Inpex are up more than 3 percent each, while Chubu Electric Power, Tokyo Gas, Tokyo Tatemono and Nissan Motor are all rising almost 3 percent each.
In the currency market, the U.S. dollar is trading in the higher 147 yen-range on Thursday.
On Wall Street, stocks turned in a relatively lackluster performance during trading on Wednesday following the significant rebound seen during Tuesday’s session. The major averages spent most of the day on opposite sides of the unchanged line before closing mixed.
While the Dow inched up 37.83 points or 0.1 percent to 39,043.32, closing higher for the third consecutive session, the S&P 500 dipped 9.96 points or 0.2 percent to 5,165.31 and the Nasdaq slid 87.87 points or 0.5 percent to 16,177.77.
Meanwhile, the major European markets all moved modestly higher on the day. The French CAC 40 Index advanced by 0.6 percent and the U.K.’s FTSE 100 Index rose by 0.3 percent, although the German DAX Index closed just below the unchanged line.
Crude oil prices rose sharply on Wednesday after data showed an unexpected drop in U.S. crude inventories last week, while supply disruptions in Russia also contributed to the rise in oil prices. West Texas Intermediate Crude oil futures for April rose $2.16 or 2.8 percent at $79.72 a barrel.
Market Analysis
Japanese Market Modestly Lower
2024-03-14 02:30:03
