Japan Market rebounds on bargain hunting

Japan stock market finished session higher on Thursday, 29 July 2021, as investors chased for bargain hunting after steep selloff in previous session and following a rise in their U.S. counterparts overnight. However, market gain was limited on cautious over recent record COVID-19 infections in the capital.

At closing bell, the 225-issue Nikkei Stock Average advanced 200.76 points, or 0.73%, to 27,782.42. The broader Topix index of all First Section issues on the Tokyo Stock Exchange increased 7.78 points, or 0.41%, to 1,927.43.

Trading volume turnover in the 1st section increased to 1,169 million shares from 1,037 million shares in previous session. Trading value turnover increased to 2,579.05 billion yen from 2,205.52 billion yen in previous session.

Total 18 of 33 sectors sub-indexes on the Tokyo exchange ended higher, with top performing sectors were Precision Instruments (up 2%), Marine Transportation (up 1.7%), Electric Appliances (up 1.6%), Metal Products (up 0.9%), Information & Communication (0.9%), Glass & Ceramics Products (up 0.9%), Nonferrous Metals (up 0.8%), and Machinery (up 0.8%), while bottom performing sectors included Land Transportation (down 1.4%), Air Transportation (down 1.2%), Foods (down 1.1%), and Warehousing & Harbor Transportation Services (down 0.7%).

With daily COVID-19 cases in Tokyo rewriting a record high for the second straight day Wednesday, the Tokyo metropolitan government is alarmed by the severe infection situation two weeks into the Japanese government's fourth state of emergency over the virus. On Wednesday, the number of new coronavirus infection cases in Tokyo, which is covered by the latest state of emergency, came to 3,177.

Shares of Softbank Group advanced after reports that the Japanese conglomerate is selling about one-third of its stake in ride-hailing company Uber to cover losses on its investment in Chinese ride-hailing company Didi.

Shares of Sony Group's stock also surged after Sony Interactive Entertainment announced Wednesday that more than 10 million PlayStation 5 units have been sold since launch, remaining the fast-selling console in the company's history.

CURRENCY NEWS: The Japanese yen traded at 109.80 per dollar, compared to an earlier low of 109.95 against the greenback.

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