Roundup: Japan's Nikkei rebounds on bargain-hunting, hopes for tourism

0 Comment(s)Print E-mail Xinhua, September 27, 2022
Adjust font size:

TOKYO, Sept. 27 (Xinhua) -- Japan's Nikkei stock average bounced back Tuesday as investors snapped-up bargains oversold in the previous day on concerns rate hikes by U.S. and European central banks would lead to a global economic slowdown.

The 225-issue Nikkei Stock Average added 140.32 points, or 0.53 percent, from Monday to close the day at 26,571.87.

The broader Topix index, meanwhile, gained 8.73 points, or 0.47 percent, to finish at 1,873.01.

Currency officials a day earlier said they were closely monitoring one-sided currency moves and would intervene into the market again if necessary, as was the case last Thursday, to bolster the yen versus the U.S. dollar.

But dealers said rather than the dollar-yen pairing, on Tuesday the attention was switched to the pound-dollar moves.

"Moves in the dollar-yen pair were limited as the market shifted attention to the pound-dollar pair after the British currency slid to an all-time low versus the dollar on Monday," Tomoichiro Kubota, senior market analyst at Matsui Securities Co., was quoted as saying.

While transportation and retail issues found traction on hopes for increase patronage following the government here saying that its COVID-19 border controls would be further eased next month with the removal of a 50,000 person daily entry cap, the market's upside was capped by concerns over an upcoming drop in U.S. shares, traders said.

"Japanese markets will continue to be supported by expectations of a rise in inbound travelers benefiting from a weak yen, as the country lagged behind others in reopening its borders," Kazuo Kamitani, a strategist at the Investment Content Department of Nomura Securities Co., was quoted as saying.

"But the Tokyo market's rebound was limited amid fears of a further fall in U.S. and other global shares, with the investment money starting to shift to U.S. short-term debt securities in line with a rise in Treasury yields," Kamitani said.

By the close of play, service, air transportation, and food issues comprised those that gained the most, and rising issues outpaced falling ones by 1,093 to 636 on the Prime Market, while 108 ended the day unchanged.

Nikkei heavyweight Fast Retailing, operator of the Uniqlo chain of clothing stores lifted the broader market, rising 0.9 percent, while toy maker Konami Group was the Nikkei's top performer, jumping 4 percent by the close.

Plant builder Hitachi Zosen was another notable winner, adding 3.9 percent by the close.

On the Prime Market on Tuesday, 1,145.57 million shares changed hands, dropping from Monday's volume of 1,526.63 million shares.

The turnover on the second trading day of the week came to 2,673.68 billion yen (18.52 billion dollars). Enditem

Follow on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from