Japan Nikkei extends gain on upbeat offshore lead, sold earnings

Japan share market finished higher for second straight session on Monday, 31 January 2022, as risk sentiments underpinned on tracking positive lead from Wall Street late last week, with solid earnings reports from Japanese companies further buoying the market mood. However, market gains were limited amid concerns over a resurgence of COVID-19 cases in Japan and its impact on the pace of economic recovery.

At closing bell, the 225-issue Nikkei Stock Average advanced 284.64 points, or 1.07%, to 27,001.98. The broader Topix index of all First Section issues on the Tokyo Stock Exchange gained 19.04 points, or 1.01%, to 1,895.93.

Total trading value turnover on Nikkei225 index stood at 2.05 billion yen. Advancing stocks outnumbered declining ones on the Nikkei225 index by 125 to 97 and 3 closed unchanged. On the TSE 1st section, trading volume turnover stood at 1.31 billion shares worth 3.21 trillion yen.

Total 25 of 33 TSE issues closed higher, with top performing issues were Marine Transportation, Precision Instruments, Services, Mining, Iron & Steel, Information & Communication, and Electric Appliances issues, while bottom performing issues included Insurance, Banks, and Electric Power & Gas.

Shares of chip-oriented issues gained ground, on tracking their U.S. peers' gains, with Tokyo Electron jumping 3.3%, while Advantest leapt 4.4% and Renesas advanced 5.2%.

Among individual stocks, Mitsui O.S.K. Lines soared 9.6% after the marine transportation firm upwardly revised its earnings forecast for the year ending March.

Screen Holdings shares climbed up 4.6%, after announcing its net profit in the nine-month period more than tripled compared to a year ago.

SG Holdings shares gained 3.5% after logistic company reported a 27% jump in net profit for the April-December period on increased demand for e-commerce deliveries.

Omron shares slumped 7% after healthcare equipment maker trimmed its annual operating profit outlook for the year through March.

ECONOMIC NEWS: Japan Retail Sales Up 1.4% On Year In December- Japan retail sales was up 1.4% on year in December, the Ministry of Economy, Trade and Industry said on Monday, coming in at 14.656 trillion yen, and was down from 1.9% in November. On a seasonally adjusted monthly basis, retail sales were down 1.0% after rising an upwardly revised 1.3% in November (originally 1.2%). For the fourth quarter of 2021, retail sales were up 1.4% on year and 2.0% on quarter; for all of 2021, retail sales were up 1.9%.

CURRENCY NEWS: The Japanese yen traded at 115.46 per dollar, having weakened last week from below 114.6 against the greenback.

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