Plus   Neg

Japanese Market Rebounds After Mild Setback

After an early upmove and a subsequent fall into negative territory, the Japanese stock market is trading in positive territory on Friday with investors indulging in some selective buying.

Electric power, construction, foods, gas, non-ferrous metals and chemicals stocks are trading higher. Oil, automobile and precision instruments stocks are trading mixed.

The benchmark Nikkei 225 index, which declined to around 9,537 after an early upmove, is currently trading at 9,563, up 17.8 points or 0.2 percent from its previous close.

Sharp Corp. is extending recent gains and is trading more than 6.5 percent up. Dainippon Screen Manufacturing is up 4.4 percent.

Pioneer Corp., Pacific Metals, Chubu Electric Power, Unitika, Mitsui Mining & Smelting, Shimizu Corp., Tokyo Electric Power, Alps Electric and Mitsui OSK Lines are trading higher by 2 to 3 percent.

Shares of Kansai Electric Power Co. are up 2.7 percent on reports the government may allow the restart of some nuclear reactors this summer.

NTT DoCoMo is up more than 1.5 percent on reports the company may start selling Apple's iPhones.

Toho Zinc, Tokyu Land, Sumitomo Mitsui Financial Group, Daikin Industries, Mitsui Fudosan, Nippon Light Metals, Toyo Seikan Kaisha, Honda Motor (HMC) and Sumitomo Mitsui Trust Holdings are also trading notably higher.

Among the prominent loser, Fujitsu is down nearly 3 percent, Mitsubishi Motors is trading lower by about 2.4 percent, KDDI Corp., Nippon Steel & Sumitomo Metal Corp. and Mazda Motor are down 1.5 to 1.8 percent.

Matsui Securities, Nippon Sheet Glass, Toshiba Corp., Showa Shell KK and Sumco Corp. are also trading notably lower.

In the currency market, the U.S. dollar traded in the lower 82 yen range in early deals in Tokyo. The yen is currently trading at 82.50 to the dollar.

Among other markets in the Asia-Pacific region, Australia, New Zealand, Singapore and South Korea are trading notably higher. Hong Kong and Taiwan are up with modest gains, while Shanghai and Malaysia are trading flat.

On Wall Street, stocks posted moderate gains on Thursday, although buying interest remained relatively subdued. Traders seemed somewhat reluctant to make any significant moves ahead of Friday's monthly jobs report.

The major averages finished the day firmly in positive territory after ending the previous session mixed. The Dow rose 39.6 points or 0.3 percent to 13,074, the Nasdaq advanced 15.6 or 0.5 percent to 2,989.3 and the S&P 500 climbed 4.7 points or 0.3 percent at 1,413.9.

Major European markets too ended higher on Thursday. The German DAX index gained 1.1 percent, while the French CAC 40 index and the U.K.'s FTSE 100 index moved up by 0.3 percent and 0.2 percent, respectively.

U.S. crude oil ended sharply lower for a third straight session on Thursday, on a strong dollar and demand concerns after an Energy Information Administration weekly oil report yesterday showed a more-than-expected increase in gasoline inventories last week.

Crude for January delivery plummeted $1.62 or 1.8 percent to close at $86.26 a barrel on the New York Mercantile Exchange.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Market Analysis

Follow RTT