Asian Economic News
Japanese Market Up Modestly Amid Cautious Trades
10/15/2009 10:00 PM ET
(RTTNews) -
The Japanese market edged higher with the modest surge on Wall Street overnight, higher crude oil prices and a weaker yen triggering some buying in morning trades. However, with investors indulging in some profit taking at higher levels, the gains are not much pronounced.
The benchmark Nikkei 225 index rose to 10,290 in early trades, but has drifted lower subsequently and is currently trading at 10,247, up just 8.3 points, or 0.08%, over its previous close.
Among bank stocks, Chiba Bank, Bank of Yokohama and Shinsei Bank are trading modestly higher, while Sumitomo Mitsui, Resona Holdings and Mitsubishi UFJ Financial are exhibiting weakness.
In the automobile space, Honda Motor, Toyota Motor and Hino Motors are trading higher, while Mazda Motor and Suzuki Motor are trading weak.
Textiles and food stocks are trading mixed. Pharmaceuticals stocks are edging higher. Machinery and electric machinery stocks are mostly up in positive territory.
Meanwhile, the Japanese government has terminated 2.926 trillion yen worth of programs that had been incorporated into the 14.7-trillion-yen extra budget for fiscal 2009, a move taken to free up funds for other uses. Among the canceled schemes were public works overseen by the Land Ministry, a multi-year aid program for farmers coordinated by the Agriculture Ministry, and a child-support program run by the Welfare Ministry. Certain allocations to local municipalities were also frozen. The Democratic Party of Japan government needs about 7.1 trillion yen to finance its campaign pledges, including cash handouts to families with children.
In the currency market, the U.S. dollar traded in the upper-90 yen range early Friday in Tokyo, slightly higher than its quotes in New York overnight. In early trades, the dollar fetched 90.79-90.83 against Thursday's close of 90.50-90.60 yen in New York and 89.53-89.54 yen in Tokyo. The yen is currently trading at 90.65 to the U.S. dollar.
Among other stock markets in the Asia-Pacific region, Australia, Singapore, New Zealand and Taiwan are up modestly, while Korea is trading weak. Stock markets in the region had ended mostly higher on Thursday.
On Wall Street, stocks managed to eke out some gains on Thursday, as the day's economic and earnings reports generated a modest amount of risk appetite. The major averages all closed in positive territory despite spending the majority of the session in the red.
The Dow ended higher by 47 points, or 0.5%, at 10,063, the Nasdaq edged up 1.1 points, or 0.1%, to 2,173.3 and the S&P 500 moved up 4.5 points, or 0.4% to 1,095.6.
1
2
Next Page
|
|