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Japan Nikkei gains on offshore lead, weaker yen

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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. Around late afternoon, the benchmark index inclined 2.1%, or 454.63 points, to 22,642.59. The broader index of all First Section issues on the Stock Exchange, meanwhile, rose 1.14%, or 19.44 points, to 1,729.12.

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%.

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

First Published: Fri, July 13 2018. 10:10 IST