Japanese Stocks Close Near 21-Year High

October 10, 2017
Japanese Stocks Close Near 21-Year High

By Investors Hub

At the close of trading on Tuesday, Japanese shares rose to close near their highest level in 21 years after the Yen weakened over the weekend and Japan’s current account surplus figures for August exceeded expectations.

The Nikkei average rose 132.80 points or 0.64 percent to 20,823.51 as trading resumed after a three-day weekend. The broader Topix index closed 0.47 percent higher at 1,695.14.

Canon, Panasonic, Toyota Motor and Tokyo Electron climbed 1-2 percent. Insurance stocks fell, with Tokio Marine, MS&AD Holdings and Sompo Holdings losing 3-5 percent. Kobe Steel shares plunged as much as 22 percent after the company admitted it had fabricated data for aluminium and copper products shipped to some 200 clients.

Seven & i Holdings rallied 2.5 percent on a Nikkei report that the convenience store operator was likely to post 6 percent growth in operating profit for the March-August period.

Also, Chinese shares erased early losses to end higher after reports that the government is making efforts to restrain market swings before a key leadership reshuffle this month.

The benchmark Shanghai Composite index edged up 8.61 points or 0.26 percent to 3,382.99 while Hong Kong’s Hang Seng index was up 164 points or 0.58 percent at 28,490 in late trade.

Australian shares gave up early gains to end marginally lower. The benchmark S&P/ASX 200 index ended marginally lower at 5,738.10 while the broader All Ordinaries index finished little changed with a positive bias.

Miners reversed early losses to end mixed amid signs of weakening demand in China. Banks also ended mixed, with ANZ and Westpac rising about 0.2 percent while Commonwealth slid half a percent and NAB declined 0.3 percent.

In economic news, the latest survey from National Australia Bank revealed that business confidence in Australia ticked slightly higher in September, with an index score of +7, up from +5 in August. The business conditions index came in unchanged with a score of +14.

The Dollar treaded water on worries over North Korean provocations and amid diminished risk appetite after a top Republican senator sparred verbally with U.S. President Donald Trump.

Investors also kept an eye on developments in Catalonia as its President prepares to address the region’s parliament on independence.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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