The Japanese stock market opened lower on Thursday with investors pressing sales at several counters, tracking a weak lead from European markets where stocks declined overnight amid some weak economic data.
The market rebounded subsequently as a section of investors picked up stocks at lower levels following the yen's decline against the U.S. dollar, but faltered again and is currently trading below the unchanged line.
The benchmark Nikkei 225 index, which declined to around 9,078 in early trades but rallied to 9,130 subsequently, is currently trading at 9096, down 8.2 points from its previous close.
Retail, foods, glass & ceramics, automobile and financial stocks are trading mixed. Shares from insurance, real estate, rubber and services sections opened lower and are still mostly trading weak.
Nitto Boseki shares are up nearly 5.5 percent. Aozora Bank, Shinsei Bank, Komatsu, Furukawa Electric, Hitachi Construction Machinery, Sumitomo Mitsui Trust Holdings and Sumitomo Metal Industries are up 2.5 to 4 percent.
Kawasaki Heavy Industries, JFE Holdings, Taiheiyo Cement, Mitsubishi Materials Corp, Mazda Motor, Isuzu Motors, Pioneer Corp, Nikon Corp, Seven & I Holdings, Sony Corp and Nippon Soda are all trading higher by 1.5 to 2.5 percent.
All Nippon Airways, J Front Retailing, Resona Holdings, Credit Saison, Mitsui OSK Lines, Nippon Suisan and Mitsubishi Chemical Holdings are also trading notably higher.
Meanwhile, GS Yuasa, Unitika, Sumco Corp, Yahoo Japan, Softbank, Chubu Electric Power, Mitsubishi Paper Mills, Inpex Corp and Japan Tobacco are trading in negative territory, losing 0.8 to 2.2 percent.
According to data released by the ministry of finance, Japanese residents purchased a net 20.6 billion yen in foreign stocks in the week ended June 30. Japan investors also purchased a net 1,340.7 billion yen in foreign bonds and noted last week, the data showed.
Foreign investors sold a net 50.0 billion yen in Japanese stocks last week, the Ministry said, and also purchased a net 377.6 billion yen in Japanese bonds and notes.
In the currency market, the U.S. dollar traded slightly below 80 yen in early deals in Tokyo. The yen is currently trading at 80.08 to the dollar.
Among other markets in the Asia-Pacific region, Australia, New Zealand, Singapore and South Korea are up marginally. Malaysia and Taiwan are down marginally, while Shanghai and Hong Kong are trading notably lower.
by RTT Staff Writer
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