Japan Nikkei rises on cheaper yen, upbeat earnings

Kimono R Pablo

Japan stocks were mostly advanced on Tuesday, 10 August 2021, with the benchmark Nikkei closed in green territory for third consecutive sessions, as investors risk sentiment was supported by a cheaper yen against the dollar and positive earnings results from Japanese companies. However, market gains were limited on […]


Japan stocks were mostly advanced on Tuesday, 10 August 2021, with the benchmark Nikkei closed in green territory for third consecutive sessions, as investors risk sentiment was supported by a cheaper yen against the dollar and positive earnings results from Japanese companies. However, market gains were limited on uncertainty over a global economic recovery due to a surge in Delta coronavirus variant infections

At closing bell, the 225-issue Nikkei Stock Average inclined 68.11 points, or 0.24%, to 27,888.15. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 6.94 points, or 0.36%, to 1,936.28.

Trading volume turnover in the 1st section increased to 1087 million shares from 991 million shares in previous session. Trading value turnover increased to 2,607.68 billion yen from 2,431.61 billion yen in previous session.





Total 20 of 33 sectors sub-indexes on the Tokyo exchange ended up, with top advancing sectors were Air Transportation (up 3.6%), Pharmaceutical (up 2.2%), Land Transportation (up 2.1%), Rubber Products (up 1.9%), Services (up 1.5%), and Iron & Steel (up 1.3%), while bottom performing sectors included Other Products (down 1.8%), Nonferrous Metals (down 1.6%), Oil & Coal Products (down 1.4%), Marine Transportation (down 1.3%), and Construction (down 1.1%).

Shares of gaming related companies declined amidst concerns about Chinese authorities tighten restrictions for the industry. Bandai Namco Holdings fell 4%, Sony Group sank 2.5%, and Nintendo slid 3.1%.

Shares of Mitsui Mining and Smelting jumped nearly 9% after the nonferrous metal supplier revised upward its earnings estimate for the business year through March, increasing its net profit outlook by 68.2% from the previous forecast in May.

Shares of SoftBank Group ended nearly 1% higher.

After the close, the investment giant said it booked a 39% plunge in net profit in the first quarter.

ECONOMIC NEWS: Japan Posts Y905.1 Billion Current Account Surplus In June- Japan posted a current account surplus of 905.1 billion yen in June, the Ministry of Finance said on Tuesday, following the 1,979.7 billion yen surplus in May. Exports were up 47.7% on year at 7,137 billion yen and imports rose an annual 33.8% to 6,488 billion yen for a trade surplus of 648.5 billion yen. The capital account showed a deficit of 36.7 billion yen, while the financial account had a shortfall of 637.0 billion yen.

CURRENCY NEWS: The U. S. dollar remained firm in the lower 110 yen range as the unit was bought after strong jobs data fueled speculation that stimulus tapering plans will be moved forward and the interest rate gap between the United States and Japan widened. The dollar fetched 110.39 yen in Asian trade, against 110.35 yen in New York late yesterday and 109.82 yen in Tokyo on Friday.

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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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