Japan stocks rebounded sharply on Monday, 23 August 2021, as investors chased for bottom fishing after the Nikkei's lowest finish for this year late last week. Meanwhile, dip-buying was bolstered on greenback rising near the 110 yen line and speculation that the defeat of Prime Minister Yoshihide Suga's close aide in the Yokohama mayoral election may prompt the government to draw up an additional economic stimulus package.
At closing bell, the 225-issue Nikkei Stock Average advanced 480.99 points, or 1.78%, to 27,494.24. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 34.46 points, or 1.83%, to 1,915.14.
Trading volume turnover in the 1st section decreased to 944 million shares from 1076 million shares in previous session. Trading value turnover decreased to 2310.35 billion yen from 2384.10 billion yen in previous session.
All 33 sectors sub-indexes on the Tokyo exchange ended up, with Marine Transportation (up 5%) was performing sectors, followed Transportation Equipment (up 3.1%), Electric Appliances (up 2.7%), Machinery (up 2.6%), Warehousing & Harbor Transportation Services (up 2.4%), Precision Instruments(up 2.3%), and Metal Products (up 2.3%) sectors.
Shares of auto components supplier Denso Corp, marine transporting company Kawasaki Kisen Kaisha and international shipping company Mitsui O. S. K Lines were the top gainers with uptick of more than 5%.
Kobe Steel declined by 1.71% followed by Sumitomo Osaka Cement Co that fell by 1.55%.
ECONOMIC NEWS: Japan Jibun Manufacturing PMI Expands At Slower Pace In August- Japan manufacturing sector continued to expand in August, with a manufacturing PMI score of 52.4, the latest survey from Jibun Bank showed on Monday. That's down from 53.0 in July, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. New order inflows saw a sustained increase, although the pace of growth was the slowest since January, while severe supply chain disruption hampered the receipt of inputs for production. Nonetheless, manufacturers were confident that demand would continue to increase, with expectations regarding future output remaining strong, which encouraged firms to increase staffing levels at the quickest pace since January 2020. That said, the overall degree of optimism was the softest for 13 months. The survey also showed that the services PMI fell from 46.4 in July to 43.5 in August, while the composite slipped from 48.8 in July to 45.9 this month.
CURRENCY NEWS: The dollar fetched 109.90-91 yen compared with 109.73-83 yen in New York and 109.61-63 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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