Japan Nikkei extends gains to fourth day

Japan stock market closed higher for fourth consecutive session on Wednesday, 11 August 2021, as investors took heart from fresh records on Wall Street overnight after the US Senate passage of a $1.2 trillion infrastructure package. Meanwhile, buying sentiments were also underpinned on stronger than expected corporate earnings from Bridgestone and other firms.

However, market gains capped amid concerns over the coronavirus situations with number of Covid-19 patients with severe symptoms has hit a record high in Tokyo as daily infections surge in Japan.

At closing bell, the 225-issue Nikkei Stock Average advanced by 182.36 points, or 0.66%, to 28,070.51. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 17.80 points, or 0.92%, to 1,954.08.

Trading volume turnover in the 1st section increased to 1160 million shares from 1087 million shares in previous session. Trading value turnover increased to 2,645.33 billion yen from 2,607.68 billion yen in previous session.

Total 30 of 33 sectors sub-indexes on the Tokyo exchange ended up, with top advancing sectors were Rubber Products (up 4%), Marine Transportation (up 3.8%), Iron & Steel (up 3%), Banks (up 2.6%), Glass & Ceramics Products (up 2.3%), and Nonferrous Metals (up 2.1%), while bottom performing sectors included Information & Communication (down 0.3%).

Shares of Bridgestone surged after the tyre company posted strong quarterly earnings and upgraded its annual forecast. Toho Zinc shares rose after it raised full-year earnings projections. Ulvac shares soared after the vacuum devices maker posted strong growth and announced a dividend hike. Staffing service company Persol Holdings climbed on surprisingly strong quarterly profit and a dividend hike plan.

SoftBank Group shares plunged after the investment giant net profit fell 39 percent in the quarter ended June 2021, and following big gains in the same period last year related to the U.S. merger of T-Mobile and Sprint. Selloff also fuelled after Chief Executive Masayoshi Son said it would pause Chinese investments as it waits for regulatory action against the country's tech firms to play out.

CURRENCY NEWS: The dollar fetched 110.54 yen in Asian trade, against 110.58 yen in New York late Tuesday.

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