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Japanese Market Falters After Opening Higher

7/2/2013 10:11 PM ET

The Japanese stock market opened higher on Wednesday with the dollar's rise to the upper-100 yen level triggering some brisk buying in exporters. However, with stocks retreating soon on profit taking, the market faltered into the red subsequently and is currently trading notably lower.

The benchmark Nikkei 225 index, which rose to 14,165, is now trading at 14,036, down 62.7 points or 0.4 percent from its previous close.

Tokyo Electric Power, a big gainer in the previous session, is currently trading lower by over 7.5 percent. UNY Group Holdings is also down more than 7.5 percent.

Mitsubishi Materials is down more than 4 percent. Sharp Corp., Tokyo Dome, Komatsu, Japan Steel Works, Kirin Holdings, Yokogawa Electric Corp. and Mitsubishi Motors are trading lower by 2 to 4 percent.

J Front Retailing, Credit Saison, Mitsumi Electric, Furukawa, JGC Corp., Toho Zinc, Shinsei Bank, Asahi Glass and Sumco Corp. are also trading notably lower.

Meanwhile, Mitsubishi Electric Corp., Toho Co., Bridgestone Corp., Isuzu Motors, Sony Financial Holdings, Dai-ichi Life Insurance, Yokohama Rubber, Bank of Yokohama, Nisshin Steel Holdings and TDK Corp. are trading higher, gaining 1.5 to 3 percent.

Suzuki Motor, Hino Motors, Nissan Motor, Fuji Heavy Industries, T&D Holdings and Sumitomo Heavy Industries are also trading notably higher.

Suntory Beverage & Food Ltd., making its debut, opened 0.6 percent above the IPO price of 3,100 yen.

In the currency market, the U.S. dollar traded in the upper 100 yen range in early deals in Tokyo. The yen is currently trading at 100.66 to the U.S. dollar.

Among other markets in the Asia-Pacific region, Australia, Shanghai, Hong Kong, Indonesia, Singapore and Taiwan are all trading notably lower. South Korea and New Zealand are down marginally, while Malaysia is trading modestly higher.

On Wall Street, stocks ended modestly lower on Tuesday, after showing a lack of direction over the course of the session. The choppy trading on Wall Street came as traders expressed uncertainty about the near-term outlook for the markets following the volatility seen in recent weeks.

The major averages bounced back and forth across the unchanged line before closing in the red. While the Nasdaq edged down 1.1 points or less than a tenth of a percent to 3,433.4, the Dow declined 42.6 points or 0.3 percent to 14,932.4 and the S&P 500 slipped 1 point or 0.1 percent to 1,614.1.

Major European markets closed weak on Tuesday. While the U.K.'s FTSE 100 index edged down by 0.1 percent, the French CAC 40 index and the German DAX index lost 0.7 percent and 0.9 percent, respectively.

U.S. crude oil surged to end at a 13-month high on Tuesday while climbing towards the $100 a barrel-mark, ahead of the weekly inventories data amid concerns over supply disruption from the Middle East and Africa. Crude for August delivery ended up $1.61 or 1.6 percent at $99.60 a barrel on the New York Mercantile Exchange.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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