6.5 C
New York
Thursday, March 4, 2021

Japan stocks rise on recovery hopes, SoftBank falls again

Must read

Dr. Copper Delivers A Diagnosis Of Inflation

A little over a year ago, I shared a chart of the copper price writing: "A breakout above that line would suggest that inflation...

Yemen’s Houthis say they fired missile at Saudi Aramco site in Jeddah

World14 minutes ago (Mar 04, 2021 12:30AM ET) ...

Why Savvy Bulls Should Be Rooting For A Larger Pullback

S&P 500 Index Daily Chart Everything seemed so promising for the S&P 500 Monday afternoon following the biggest up-day in nine months. Fast forward two...

UK new car sales slump in February amid COVID-19 hit

Coronavirus24 minutes ago (Mar 04, 2021 12:20AM ET) ...

TOKYO: Japanese stocks rose on Tuesday for the first time in three sessions, as investors focused on COVID-19 vaccine developments and held on to hopes that global economic growth will continue to recover from the coronavirus crisis.

Conglomerate SoftBank Group, however, extended falls to hit a two-month low. It settled down 0.61%, adding to the previous session’s hefty 7.2% decline as the company bought large amounts of call options on US technology stocks.

The company has spent billions of dollars buying shares in technology companies such as Amazon and has also made significant options purchases in tech companies, sources familiar with the matter told Reuters.

Traders said they now wanted to see whether US tech shares recover from the last week’s rout.

The Nikkei 225 Index ended 0.8% higher at 23,274.13, with consumer discretionary and consumer staples shares leading the gains. The broader Topix rose 0.69%.

Japanese shares were also buoyed by gains in US stock futures during Asian trading. US financial markets were closed on Monday for the Labor Day holiday.

The Japanese government approved on Tuesday spending from emergency budget reserves to secure coronavirus vaccines, which supported investor sentiment.

The stocks that gained the most among the top 30 core Topix names were job placement company Recruit Holdings Co Ltd , up 2.62%, followed by mobile carrier NTT Docomo Inc , rising 2.3%.

The underperformers among the Topix 30 were games maker Nintendo Co Ltd, down 3.26%, followed by auto maker Honda Motor Co Ltd, losing 1.59%.

There were 169 advancers in the Nikkei index against 51 decliners.

Japan’s economy contracted more in the second quarter than initially reported, revised data showed, but stocks took the downbeat numbers in their stride.

The volume of shares traded on the Tokyo Stock Exchange‘s main board was 1.07 billion, compared with the average of 1.16 billion in the past 30 days.

- Advertisement -

Latest article

Dr. Copper Delivers A Diagnosis Of Inflation

A little over a year ago, I shared a chart of the copper price writing: "A breakout above that line would suggest that inflation...

Stock market update: 4 stocks hit 52-week lows on NSE

NEW DELHI: Around 4 stocks fell to touch their 52-week lows on NSE in Thursday's session. Among the stocks that touched their 52-week lows...

Yemen’s Houthis say they fired missile at Saudi Aramco site in Jeddah

World14 minutes ago (Mar 04, 2021 12:30AM ET) ...

Why Savvy Bulls Should Be Rooting For A Larger Pullback

S&P 500 Index Daily Chart Everything seemed so promising for the S&P 500 Monday afternoon following the biggest up-day in nine months. Fast forward two...

UK new car sales slump in February amid COVID-19 hit

Coronavirus24 minutes ago (Mar 04, 2021 12:20AM ET) ...