Japan Stocks gain on earnings optimism & Stock Market News

Japanese share market finished session modestly higher on Monday, 01 August 2022, on following positive lead from Wall Street on Friday and earnings optimism after some positive earnings reports. 

However, market gains capped as sentiment was weighed down by a stronger yen against greenback and reports that the steady surge in the fresh wave of COVID-19 infections with the BA.5 omicron variant puts strain on hospitals.

At closing bell, the 225-issue Nikkei Stock Average index climbed by 191.71 points, or 0.69%, to 27,993.35. The broader Topix index of all First Section issues on the Tokyo Stock Exchange advanced by 19.80 points, or 1.02%, to 1,960.11.

Total 27 of 33 sectors of the Topix index were higher, with Marine Transportation issue enjoyed the largest percentage gain, up 3.6%, followed by Transportation Equipment (up 3.1%) and Wholesale Trade (up 2.7%) issues. Electric Power & Gas sector suffered the largest percentage loss, down 1.6%.

Among earnings related stocks, drugmaker Sumitomo Pharma rose 8% after announcing a quarterly profit last week. Ajinomoto, maker of the popular MSG umami seasoning, rose 6.4% on a profit beat.

Building materials’ firm TOTO surged 7.2% after reporting its results on Friday.

Sony Group, however, fell 3.2% after the conglomerate cut its outlook, citing waning consumer interest.

Electronics firms Fujitsu and Alps Alpine fell 6.6% and 13.4%, respectively after rising materials and logistics costs hit their earnings.

ECONOMIC NEWS: The manufacturing sector in Japan continued to expand in July, albeit at a slower pace, the latest survey from Jibun Bank revealed on Monday with a manufacturing PMI score of 52.1. That’s down from 52.7 in June, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

CURRENCY NEWS: The U. S. dollar index, which tracks the greenback against a basket of its peers, was at 105.679, lower than last week’s levels. The Japanese yen traded at 132.18 per dollar, stronger than levels seen early last week.

Powered by Capital Market – Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)


Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links

Get Original Links Here

Leave a Comment

WWE Referee Dave Hebner Dead at Age 73 Types of Wrenches NBA Finals 2022 Ramsay Hunt syndrome