The Japanese stock market is significantly higher on Tuesday, extending the gains in the previous session, with the benchmark Nikkei index just below the 27,800 level, following the broadly positive cues from Wall Street overnight, even as the nation struggles to contain the domestic coronavirus infection rates, with more prefectures and cities under the state of emergency and experts calling for expanding it to the whole country.
The benchmark Nikkei 225 Index is gaining 285.99 points or 1.04 percent to 27,780.23, after touching a high of 27,817.89 earlier. Japanese shares closed sharply higher on Monday.
Market heavyweight SoftBank Group is gaining more than 2 percent and Uniqlo operator Fast Retailing is adding almost 1 percent. Among automakers, Honda is flat and Toyota is gaining almost 1 percent.
In the tech space, Advantest is gaining almost 3 percent, while Screen Holdings is adding more than 3 percent and Tokyo Electron is up more than 2 percent. In the banking sector, Mitsubishi UFJ Financial is edging down 0.3 percent, while Sumitomo Mitsui Financial is edging up 0.2 percent. Mizuho Financial is down 0.5 percent.
The major exporters are higher, with Sony gaining more than 4 percent, while Panasonic and Mitsubishi Electric are adding more than 1 percent each. Canon is edging up 0.3 percent.
Among the other major gainers, JFE Holdings and Mitsui O.S.K. Lines are gaining more than 5 percent each, while Fujikura is adding almost 5 percent. Sumco and Rakuten Group are up more than 4 percent each, while Yamaha, Nippon Yusen K.K., Nippon Steel, Mitsubishi Chemical Holdings, Hino Motors, Nissan Motor, Pacific Metals and M3 are all higher by almost 4 percent each.
Conversely, Showa Denko K.K. is plunging almost 12 percent and Yamaha Motor is losing almost 7 percent, while Olympus and Bridgestone are down almost 2 percent each.
In the currency market, the U.S. dollar is trading in the higher 109 yen-range on Tuesday.
On Wall Street, stocks closed on a strong note on Monday with several counters from across various sectors attracting buyers. Technology stocks had a good outing once again, and contributed significantly to the fairly buoyant mood in the market.
Among the major averages, the Dow ended higher by 215.63 points or 0.61 percent at 35,335.71. The S&P 500 advanced 37.86 points or 0.85 percent to settle at 4,479.53, while the tech-laden Nasdaq closed stronger by 227.99 points or 1.55 percent at 14,942.65.
The major European markets also closed on a firm note on the day, rebounding strongly after recording their biggest weekly loss in several months last week. The U.K.’s FTSE 100 gained 0.3 percent, Germany’s DAX ended 0.28 percent up and France’s CAC 40 surged up 0.86 percent.
Crude oil futures settled sharply higher Monday, snapping a seven-day losing streak and posting their biggest single-session gain in five months. West Texas Intermediate Crude oil futures for October jumped $3.50 or 5.6 percent at $65.64 a barrel after sinking 9 percent last week.
Market Analysis
Japanese Market Significantly Higher
2021-08-24 02:36:01
