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Japan Stocks mixed on profit booking

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Headline indices of the Japan share market were mixed on Tuesday, 23 April 2019, as investors took profits on recent gains in cyclical stocks amid lack of supporting cues from offshore market overnight and concerns China may slow the pace of policy easing. Investors had chased cyclical stocks higher over the past few weeks as risk sentiment recovered on better-than-expected Chinese economic data. However, with Japanese companies releasing their annual results later this week and ahead of the 10-day Golden Week holiday, investors were pocketing profits from recent gainers. Around late afternoon, the 225-issue Nikkei Stock Average edged down 7.88 points, or 0.04%, to 22,210.02. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 4.04 points, or 0.25%, at 1,622.66.

Total 25 issues out of 33 subsectors of the Tokyo Stock Exchange inclined, with shares in Mining, Oil & Coal Products, Land Transportation, Electric Power & Gas, and Precision Instruments issues being notable gainers, whereas Other Products, Glass & Ceramics Products, Rubber Products, and Textiles & Apparels issues were notable losers.

Energy stocks climbed up on rising oil prices on a supply squeeze. The United States said it will eliminate all waivers that allowed eight countries to buy Iranian oil without facing U.

S. sanctions, in its latest step to choke off Iranian oil exports. Inpex Corp soared 3.3%, Japan Petroleum Exploration Co jumped 4.2%, while Idemitsu Kosan gained 2.1%.

Shares of domestic-demand sensitive companies outperformed amid investors' defensive stance, with utilities, drugmakers and railroad companies gaining ground. Tokyo Electric Power Co rose 1.4%, Astellas Pharma soared 1.1% and West Japan Railway rose 1.2%.

CURRENCY NEWS: The Japanese yen was little changed in the mid 111 yen-range against the dollar on Tuesday, as traders seemed reluctant to make significant moves ahead of the 10-day Golden Week holiday.

Stocks on Wall Street closed mixed on Monday in choppy trading as traders seemed reluctant to make significant moves ahead of the release of a slew of earnings news from big-name companies in the coming days. The Dow dipped 48.49 points or 0.2% to 26,511.05, the Nasdaq rose 17.21 points or 0.2% to 8,015.27 and the S&P 500 inched up 2.94 points or 0.1% to 2,907.97.

Crude oil prices jumped more than 2% on Monday on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports. Washington said it would eliminate in May all waivers allowing eight economies to buy Iranian oil without facing US sanctions. International benchmark Brent crude soared 2.9% to settle at $74.04 a barrel on Monday and US West Texas Intermediate crude jumped 2.7% to settle at $65.70. Both indexes climbed to nearly six-month highs during the 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: Tue, April 23 2019. 10:12 IST