Japanese Stock Market grows despite Poor Reports
2022.12.26 06:46
Japanese Stock Market grows despite Poor Reports
Budrigannews.com – While a decline in banks and insurers weighed on the market, heavyweight technology and energy stocks led the gains in Japanese shares that ended higher on Monday, supported by Wall Street’s strength in the previous session.
The broader index gained 0.24 percent to 1,902.52 while the share average gained 0.65% to 26,405.87.
According to Shuji Hosoi, a senior strategist at Daiwa Securities, “Japanese shares rose because U.S. equities gained at the end of the last week, but the trading is very quiet with most participants in the U.S. and Europe away for holidays.”
Heavyweight Quick Retailing, proprietor of the Uniqlo brand, rose 2.0% and chip-production hardware creator Tokyo Electron acquired 2.22%. Daikin Industries, a maker of air conditioners, gained 1.39 percent.
The oil explorers index rose 2.5 percent as a result of rising oil prices, making it the most successful of the 33 industry sub-indexes on the Tokyo Stock Exchange. The increase in inpex was 2.53 percent.
The crude refiners’ index went up by 1.33 percent, and Idemitsu Kosan went up by 2.81%.
Following the central bank’s approval of the 10-year government bond yield to rise to 0.5% from 0.25 percent last week, the banking sector suffered a loss of 1.35 percent after gaining more than 10 percent so far this month on expectations for improved profits. In the end, the yield on a 10-year JGB was 0.445%.
NYSE: Sumitomo Mitsui Resona Holdings lost 2.75 percent, while Financial Group lost 2.21 percent.
The insurance industry lost 1.37 percent.
Hosoi stated, “A sell-off of banking shares was prompted by the 10-year government bond yield hovering below the top end of the Bank of Japan’s (BOJ) policy band.”
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The Nikkei index had 158 advancers compared to 60 decliners.
The volume of offers exchanged on the Tokyo bourse’s fundamental board was 0.85 billion, contrasted with the normal of 1.25 billion in the beyond 30 days.
