Roundup: Tokyo stocks finish higher on solid machinery orders data

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TOKYO, July 12 (Xinhua) -- Tokyo stocks finished higher Monday with the benchmark Nikkei increasing by over two percent after a three-day fall due to Japan's strong machinery orders data and increases in U.S. and European market late last week.

The 225-issue Nikkei Stock Average increased 628.60 points, or 2.25 percent, from Friday at 28,569.02.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 40.95 points, or 2.14 percent, higher at 1,953.33.

Trading volume on the main section decreased to 1,035.77 million shares from Friday's 1,425.64 million shares.

After the Nikkei finished Friday at its lowest level since mid-May, the increases in the European markets and record highs on Wall Street last Friday stimulated a strong rising across a broad range of sectors of Tokyo stocks throughout the day.

Masahiro Ichikawa, the chief market strategist at Sumitomo Mitsui DS Asset Management Co, said, "A relative sense of security returned to the market after it overreacted negatively last week to concerns of a sluggish economic recovery (amid the coronavirus pandemic)."

Before the market opened, the Japanese government released the data of machinery orders, which rose 7.8 percent in May. The stronger-than-expected data fueled expectations of robust capital spending by firms and helped a solid start of the market.

Many market signals such as U.S. consumer price data, Federal Reserve Chairman Jerome Powell's testimony will come up later this week for investors to make trading decisions.

Machinery, metal product, and electric appliance sectors were leading the upward trend of the day. By the close of play, gaining issues outnumbered declining ones 2,010 to 149 on the First Section, while 33 finished unchanged.

Yaskawa Electric jumped 6.5 percent after the industrial robot maker reported Friday its operating profit more than doubled in the same period from a year earlier.

Bic Camera increased 4.7 percent after the electronics retailer announced a nearly 85 percent increase, year-to-year basis, in operating profit on Friday.

Among issues benefited by the strong machinery orders data, Mitsubishi Heavy Industries ended 1.6 percent higher, and Panasonic jumped 2.4 percent. Enditem

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