Japan: Nikkei extends gain

Japan stock market finished higher doe second session in row on Friday, 06 August 2021, on the back of better than expected corporate earnings reports and yen depreciation to upper 109-level against greenback. However, market gains capped amid lingering worries over rising coronavirus cases after daily coronavirus cases confirmed in the Tokyo reached a record 5,042 on Thursday, topping the 5,000 mark for the first time.

At closing bell, the 225-issue Nikkei Stock Average inclined 91.92 points, or 0.33%, to 27,820.04. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 0.36 point, or 0.02%, to 1,929.34.

Trading volume turnover in the 1st section increased to 991 million shares from 955 million shares in previous session. Trading value turnover increased to 2,431.61 billion yen from 2,206.56 billion yen in previous session.

Total 18 of 33 sectors sub-indexes on the Tokyo exchange ended up, with top advancing sectors were Pulp & Paper (up 1.8%), Oil & Coal Products (up 1.4%), Precision Instruments (up 1%), Mining (up 0.9%), and Nonferrous Metals (up 0.8%), while bottom performing sectors included Warehousing & Harbor Transportation Services (down 2%), Rubber Products (down 1.6%), Fishery, Agriculture & Forestry (down 1.2%), Mining (down 1%), and Marine Transportation (down 0.7%).

Electric wire maker Fujikura surged 16.3% and precision instrument maker Nikon jumped 8.4% after the companies revised upward their earnings forecasts for the current business year through next March.

Shares of Nintendo dived 7.2% after it said first-quarter net profit fell nearly 13% as the video-game sector's lockdown boom loses momentum.

ECONOMIC NEWS: Japan Leading Index Climbs To Highest Level Since February 2014- Japan's leading index, which measures the future economic activity, rose to 104.1 in June from 102.6 in May, preliminary data from the Cabinet Office showed on Friday. This was the highest since February 2014, when the reading was 104.5. The coincident index increased to 94.0 in June from 92.1 in the previous month. In April, the index was 95.3. The lagging index grew to 96.5 in June from 93.2 in the prior month. In April, the index was 94.1.

CURRENCY NEWS: The U.S. dollar was trading in the upper 109 yen range on Friday, on the back of hopes for a recovery in the U.S. labor market following continued drops in weekly jobless claims. The US dollar stood at 109.82 yen in Asian trade, against 109.78 yen in New York late Thursday.

Powered by Capital Market - Live News