Japan Nikkei rebounds on bargain buying

Japan stock market finished higher for the first time in nine consecutive sessions on Thursday, 07 October 2021, as bottom fishing by investors resumed on receding fears over the U.S. government debt crisis, with gains in shipping and tech stocks helped to offset losses in mining and energy stocks.

At closing bell, the 225-issue Nikkei Stock Average rose 149.34 points, or 0.54%, to 27,678.21. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 2.29 points, or 0.12%, to 1,939.62.

Trading volume turnover on the main section stood at 1.33 billion shares worth 2.94 trillion yen, as compared yesterday's volume turnover of 1.67 billion shares worth 3.74 trillion yen.

Total 20 of 33 industry groups ended lower along with the Topix, with bottom performing issues were Mining (down 8.2%), followed by Oil & Coal Products (down 4.2%), Electric Power & Gas (down 2%), Air Transportation (down 1.9%), and Land Transportation (down 1.8%), while Marine Transportation (up 4.8%) was best performing issues, followed by Transportation Equipment (up 1%), Other Financial Business (up 2.8%), and Information & Communication (up 0.5%) sectors.

ECONOMIC NEWS: Japan Coincident Index Extends Decline- Japan's coincident indicator index extended a decline in August from the previous month, the government said on Thursday, although it said economic conditions were improving. The index of coincident economic indicators, which consists of a range of data including factory output, employment, and retail sales, fell to 91.5 in August 2021 from a final 94.4 a month earlier, preliminary data showed. This was the weakest reading since February, amid ongoing disruptions caused by a coronavirus that forced the government to extend and expand the state of emergency in the nation. The index of leading economic indicators, used to predict the direction of the economy a few months ahead, fell 2.3 points in August to 101.8, from a final 104.1 in the previous month.

CURRENCY NEWS: The dollar eased to around mid 111 yen level in Tokyo trading on Thursday. The dollar stood at 111.29-29 yen, down from 111.67-67 yen on Wednesday. The euro was at 128.74-81 yen, down from 129.04-11 yen.

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