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Japan Market holds at 4-month highs

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Headline indices of the Japan share market were near to 4-month highs on Tuesday, 17 September 2019, after recouping early losses, thanks to U. S. President Donald Trump statement on Monday that the United States has reached initial trade agreements with Japan on tariff barriers and digital trade. However, market gains were marginal amid concerns over global oil supplies and the outlook for the world economy after attacks on Saudi oil refineries over the weekend. Around late afternoon, the 225-issue Nikkei Stock Average eased 10.32 points, or 0.05%, to 21,977.97, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange advanced 2.38 points, or 0.15%, at 1,612.25, its highest in four months.

Financial markets in Japan were closed on Monday due to a national holiday.

Total 18 sectors out of 33 sectors of Topix index inclined while remaining 15 issues declined, with Mining, Oil & Coal Products, Other Financial Business, Real Estate, and Wholesale Trade issues being notable gainers, while Air Transportation, Marine Transportation, Chemicals, and Rubber Products issues were notable losers.

Shares of Oil and gas-related companies advanced after crude oil prices surged nearly 15% on Monday, after an attack on Saudi Arabian crude facilities cut the kingdom's production in half and fanned fears of retaliation in the Middle East.

On the flip side, expensive oil dragged down marine transportation and air transportation stocks. Marine transport firm Kawasaki Kisen plunged 3.4%, Mitsui O. S. K. Lines slumped 2.4%, while airline company ANA Holdings lost 1.6%.

CURRENCY NEWS: The Japanese yen was little softer against greenback on Tuesday. The Japanese yen, often seen as a safe-haven currency in times of turmoil, traded at 108.27 against the dollar, weakening from an earlier level around 108.01.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, September 17 2019. 11:41 IST