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