Japan Market extends gain for third day

Headline shares of the Japan share market closed higher for third session in row on Thursday, 25 July 2019, as investor sentiment was lifted by following gains on Wall Street overnight. Market gains were, however, limited as investors refrained from active trading ahead of earnings releases from a host of major firms, as well as monetary policy meetings at the European Central Bank later on Thursday and at the U.S. Federal Reserve next week. Most of subsectors of the Topix's index inclined, with information and communications, metal product and chemical-oriented issues being notable gainers. At closing bell, the 225-issue Nikkei Stock Average added 46.98 points, or 0.22%, to 21,756.55, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 2.76 points, or 0.2%, at 1,577.85.

Shares of technology players advanced, following an overnight rise in U.S. technology shares. Semiconductor product manufacturer SUMCO Corporation rose 2%, electronic component maker Rohm Co added 1.15% and Tokyo Electron advanced 1.5%. SoftBank Group was up 2.7% after reports that the conglomerate is expected to announce a $40 billion investment into its technology-focused Vision Fund. Shin-Etsu Chemical, which makes key semiconductor parts, also 7.24% on strong quarterly earnings.

Shares of Advantest Corp surged 18% after posting a better-than-expected first-quarter operating profit. Chip equipment maker released its earnings the previous day showing that the company's decline in April-June sales was not as steep as feared earlier thanks to steady demand linked to 5G networks and artificial intelligence.

Nissan was down 2% after the troubled car giant confirmed late Wednesday it will report a quarterly operating profit plunge later Thursday.

ECONOMIC NEWS: Japan producer prices up 0.7% on year in June--Japan's producer prices gained 0.7% on year in June, Bank of Japan said. That was down from the upwardly revised 0.9% gain in May. On a monthly basis, producer prices eased 0.1% after sliding 0.2% in the previous month.

CURRENCY NEWS: The Japanese yen, widely viewed as a safe-haven currency, traded at 108.11 per dollar in late Asian trade, against 108.21 in New York late on Wednesday.

Powered by Capital Market - Live News