Japan stock market finished higher for the first time in five consecutive sessions on Wednesday, 18 August 2021, as investors chased for bottom fishing on recently battered shares. However, market gains were limited amid lingering worries over the economic recovery amid a resurgence of COVID-19 cases
At closing bell, the 225-issue Nikkei Stock Average rose 161.44 points, or 0.59%, to 27,585.91. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 8.34 points, or 0.44%, to 1,923.97.
Trading volume turnover in the 1st section decreased to 946 million shares from 954 million shares in previous session. Trading value turnover decreased to 2180.84 billion yen from 2068.48 billion yen in previous session.
Total 22 of 33 sectors sub-indexes on the Tokyo exchange ended up, with top gaining sectors were Fishery, Agriculture & Forestry (up 1.4%), Other Financial Business (up 1.2%), Textiles & Apparels (up 1.1%), Air Transportation (up 1.1%), Construction (up 1%), and Services (up 0.9%), while bottom performing sectors included Marine Transportation (down 1.4%), Iron & Steel (down 0.9%), and Real Estate (down 0.4%).
The Tokyo market bounced back as shares were bought after four days of losses, but the ongoing coronavirus resurgence dampened enthusiasm. The Japanese government's decision on Tuesday to expand the COVID-19 state of emergency to seven other prefectures added pressure to the market, as the resurgence of infectious cases showed no sign of ceasing. Investors do not hold a clear prospect of when the economic recovery will achieve due to the country's slow vaccination plan and legal inability to implement hard lockdowns to control the spread of the COVID-19.
Among individual stocks, Eisai advanced 2.6%, after reports that its Alzheimer's drug corporately developed with U.
S. biotech giant Biogen Inc. is set to come into use in over 300 medical facilities in the United States.
ECONOMIC NEWS: Japan's total value of core machine orders fell a seasonally adjusted 1.5% on month in June, the Cabinet Office said on Wednesday, standing at 852.4 billion yen, following the 7.8% jump in May. On a yearly basis, core machine orders climbed 18.6% following the 12.2% gain in the previous month. For the second quarter of 2021, core machine orders were up 4.6% on quarter and 12.6% on year at 2,521.0 billion yen. For the third quarter, core machine orders are forecast to rise 11.0% on quarter and 24.4% on year. Manufacturing orders were up 3.6% on month and 30.2% on year at 403.9 billion yen, while non-manufacturing orders rose 3.8% on month and 9.8% on year at 470.5 billion yen.
CURRENCY NEWS: The U. S. dollar was stuck in the mid-109 yen range on concerns over heightening geopolitical risks with the Taliban regaining control of Afghanistan. The dollar fetched 109.60-62 yen compared with 109.54-64 yen in New York and 109.32-33 yen in Tokyo on Tuesday.
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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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