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Japan Nikkei rises on bargain hunting

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Headline shares of the Japan share market rose for the first time in five sessions on Thursday, 08 August 2019, as investors chased for bottom fishing following a week of heavy losses due to anxiety over the deepening US-China trade war. Market gains were also supported by reports that the Japanese government is set to approve some exports of semiconductor manufacturing materials to South Korea, the first approvals after Tokyo tightened export controls in July.

Market gains were, however, capped amid lingering concerns over trade tensions between the United States and China. At closing bell, the 225-issue Nikkei Stock Average rose 76.79 points, or 0.37%, to 20,593.85, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 1.29 points, or 008%, at 1,498.66.

Total 19 sub-indexes out of 33 sub-indexes of Topix index industry category retreated into negative territory, with Oil & Coal Products, Mining, Marine Transportation, Other Financial Business, and Insurance issues being notable losers, while Rubber Products, Precision Instruments, Construction, and Textiles & Apparels issues were notable losers.

CURRENCY NEWS: The yen softened against the US dollar on Thursday. The Japanese yen traded at 106.18 against the dollar after touching levels below 106 in the previous session.

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

First Published: Thu, August 08 2019. 13:00 IST