Japan Nikkei surges 3%

Japanese share market finished session sharply higher on Tuesday, 04 October 2022, as investors chased for bargain hunting on tracking positive lead from Wall Street overnight, after fresh US data from the Institute for Supply Management (ISM) indicated softer manufacturing activities. Markets also perked up after the British government shelved controversial plans to cut income tax rates for the wealthy.

At closing bell, the 225-issue Nikkei Stock Average index surged 776.42 points, or 2.96%, to 26,992.21. The broader Topix index of all First Section issues on the Tokyo Stock Exchange spurted 59.31 points, or 3.21%, to 1,906.89.

Shares of energy companies advanced on tracking a jump in crude prices as sources said the Organization of the Petroleum Exporting Countries and its allies are considering their biggest output cut since the start of the COVID-19 pandemic. Inpex rose 5.4%. Japan Petroleum Exploration Co added 3.4%. Trading houses also saw healthy gains. Mitsui and Co surged 5.4% and Mitsubishi Corp rose 4.8%.

 

CURRENCY NEWS: Japanese yen appreciated slightly against greenback on Tuesday after news that nuclear-armed North Korea fired a ballistic missile over Japan for the first time in five years, prompting evacuation warnings.

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