Japanese Market Significantly Higher | Nasdaq

(RTTNews) – The Japanese stock market is significantly higher on Monday, recouping the losses in the previous session, with the Nikkei 225 moving above the 25,400 level, despite the broadly negative cues from Wall Street on Friday, with gains across most sectors as traders indulged in bargain hunting following the recent sell-offs amid lingering geopolitical concerns on the escalation of the Russia-Ukraine crisis.

The benchmark Nikkei 225 Index is up 241.68 points or 0.96 percent at 25,404.46, after touching a high of 25,631.01 earlier. Japanese shares ended sharply lower on Friday.

Market heavyweight SoftBank Group is gaining almost 2 percent, while Uniqlo operator Fast Retailing is down more than 1 percent. Among automakers, Honda is adding more than 1 percent and Toyota is gaining almost 3 percent.

In the tech space, Advantest is adding more than 2 percent, Tokyo Electron is gaining more than 1 percent and Screen Holdings is adding almost 2 percent. In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are gaining more than 2 percent each, while Mitsubishi UFJ Financial is adding almost 3 percent.

The major exporters are mostly higher, with Panasonic and Canon adding almost 2 percent each, while Mitsubishi Electric is gaining almost 1 percent. Sony is edging down 0.3 percent.

Among the other major gainers, Yokogawa Electric and Mitsui E&S Holdings are surging more than 7 percent each, while Toho Zinc and JGC Holdings are gaining more than 6 percent each. J. Front Retailing is adding more than 5 percent and Mitsui Fudosan is up almost 5 percent, while Nisshin Seifun Group, Showa Denko, Mazda Motor and Kawasaki Kisen Kaisha are advancing more than 4 percent each. Kawasaki Heavy Industries, Tokyu Fudosan Holdings, NTN, Toyota Tsusho and Mitsui OSK Lines are up almost 4 percent each.

Conversely, Osaka Gas is losing more than 5 percent and Obayashi is down more than 3 percent, while Tokyo Gas, Shionogi & Co. and Meiji Holdings are declining more than 2 percent each.

In the currency market, the US dollar is trading in the higher 117 yen-range on Monday.

On Wall Street, stocks pared gains after opening on a strong note and slipped deeper into the red to eventually close on a very weak note on Friday, with technology stocks suffering sharp losses. The major averages all ended notably lower. The Dow, which climbed to 33,515.61 in early trades, ended with a loss of 229.88 points or 0.69 percent at 32,944.19. The S&P 500 settled lower by 55.21 points or 1.3 percent at 4,204.31, well off the day’s high of 4,291.01, and the Nasdaq ended down by 286.15 points or 2.18 percent at 12,843.81.

Meanwhile, the major European markets showed significant moves to the upside on the day. The German DAX surged up 1.38 percent, the UK’s FTSE 100 advanced 0.8 percent and France’s CAC 40 moved up 0.85 percent. The pan European Stoxx 600 climbed 0.95 percent.

Crude oil prices climbed higher Friday on concerns about disruptions in supply amid uncertainty about any significant progress in talks between Russia and Ukraine. West Texas Intermediate Crude oil futures for April ended higher by $ 3.31 or 3.1 percent at $ 109.33 a barrel. WTI crude futures shed 5.5 percent during the week.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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