You are here: Home » News-CM » International » Market Report
Business Standard

Japan Nikkei gains 1.85% on offshore lead, weaker yen

Capital Market 

Headline indices of the share market advanced on Friday, 13 July 2018, as investors continued value buying on tracking gains on Wall Street overnight and yen depreciation to 112.00 zone, a six-month low, against the dollar. Lack of an escalation in U. S.-trade tensions also boosted investor sentiment. Among TSE33 issues, 31 issues inclined, while 2 declined, with shares of Services, Textiles & Apparels, Precision Instruments, Glass & Ceramics Products, Electric Appliances, Nonferrous Metals, Chemicals, and Information & Communication issues being notable gainers. At the close, the benchmark index inclined 1.85%, or 409.39 points, to 22,597.35. The broader index of all First Section issues on the Stock Exchange, meanwhile, rose 1.2%, or 20.39 points, to 1,730.07.

Shares of export-related players gained, thanks to yen depreciation against greenback.

A weaker yen tends to help Japanese exporters' profits made abroad when repatriated. and were up in the range of 1%-2%.

Shares of jumped after operator of clothing stores reported 37% jump in its third-quarter operating profit to a record 68.4 billion yen thanks to brisk sales at its overseas stores.

CURRENCY NEWS: The depreciated against U. S. dollar in on Friday. The dollar strengthened against the yen to trade at 112.64, earlier touching a six-month high overnight.

OFFSHORE MARKET: US stock market rebounded to close higher on Thursday, partly due to optimism about the upcoming earnings season. Easing trade concerns also contributed to the rally. The tech-heavy Nasdaq soared 107.30 points or 1.4% to a new record closing high of 7,823.92, the Dow jumped 224.74 points or 0.9% to 24,924.89, and the surged up 24.27 points or 0.9% to 2,798.29.

The major European markets also moved back to the upside on Thursday. The French Index jumped by 1%, the U. K.'s Index advanced by 0.8% and the German DAX Index climbed by 0.6%.

Powered by Capital Market - Live News

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

First Published: Fri, July 13 2018. 14:39 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU