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Japan Nikkei rebounds from 8-weeks low

Capital Market 

Japan share market finished higher for the first time in four consecutive sessions on Wednesday, 01 December 2021, as investors scooped up battered shares after the key indices touched its lowest level in nearly two months on Tuesday. Meanwhile, buying was also underpinned as data showed the country's factory activity grew in November at the fastest pace in nearly four years. However, market gains caped amid lingering concerns on the new Omicron variant of COVID-19.

At closing bell, the 225-issue Nikkei Stock Average advanced 113.86 points, or 0.41%, to 27,935.62.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange gained 8.39 points, or 0.44%, to 1,936.74.

Total 27 of 33 Topix industry groups ended up, with top performing issues were Pulp & Paper (up 3.6%), Marine Transportation (up 2.5%), Machinery (up 1.7%), Transportation Equipment (up 1.5%),and Real Estate (up 1.5%) issues, while bottom performing issues included Information & Communication (down 1%), Pharmaceutical (up 0.9%), Foods (up 0.5%), and Retail Trade (up 0.3%) issues.

ECONOMIC NEWS: Japan Manufacturing PMI Stays In Expansion In November-Japan manufacturing sector continued to expand in November, and at a faster pace, the latest survey from Jibun Bank showed on Wednesday with a seasonally adjusted manufacturing PMI score of 54.5. That's up from 53.2 in October and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. This signalled the strongest improvement in the health of the sector since January 2018, and the tenth consecutive month of overall growth.

CURRENCY NEWS: The Japanese yen traded at 113.38 per dollar after a recent weakening from below 113 against the greenback.

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

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First Published: Wed, December 01 2021. 16:54 IST