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Nikkei Up Sharply As Stocks Rally On Wall Street Cues 11 days ago
(RTTNews) - The Japanese stock market opened higher on Tuesday with the strong rally on Wall Street overnight prompting investors to rush to blue chip counter in early trades.
Stocks cutting across various sectors moved higher on strong buying support and the benchmark Nikkei 225 index shot up by over 100 points within minutes of commencement of trading. The index is currently trading at 9,970, up 160.73 points, or 1.64%, over its previous close.
Among bank stocks, Sumitomo Mitsui Financial, Chiba Bank, Sumitomo Trust and Banking, Mitsubishi UFJ Financial and Chuo Mitsui Trust Holdings are trading higher.
In the automobile space, Honda Motor, Suzuki Motor, Nissan Motor and Hino Motors are trading higher, while Toyota Motor and Mitsubishi Motor are exhibiting some weakness. Mazda Motor is trading flat.
Steel, non-ferrous metals, machinery and electric machinery stocks are mostly trading higher. Food, chemicals and pharmaceuticals stocks are also up in positive territory.
Several stocks from insurance, retail and securities sections are also finding good support.
On the economic front, Japan's current account surplus edged up 0.2% on the year to 1.56 trillion yen in September, marking the second straight month of year-on-year increase, according to preliminary data released Tuesday by the Finance Ministry.
The trade and services balance expanded 234.1% to 560.3 billion yen. The trade balance grew 87.1% on the year to 599.2 billion yen, with exports totaling 4.77 trillion yen, down 32.1% and imports standing at 4.17 trillion yen, down 37.7%. The balance of services totaled 38.9 billion yen in the red. There was still a surplus in the income column, though it was down 27.2% from the previous year to 1.08 trillion yen in September.
Meanwhile, the current-account surplus in the first half of fiscal 2009 through September stood at 7.25 trillion yen, down 9.7% on the year. The trade and services balance surplus soared 98.2% from the previous year to 1.35 trillion yen in the first half, while the trade balance surplus increased 37% to 2.5 trillion yen.
According to another report from the Ministry of Finance, overseas investors were net buyers of Japanese stocks to the tune of 531.6 billion yen in October. This was the first month of net purchases in two months. Buying stood at 12.839 trillion yen, with sales at 12.307 trillion yen.
In the currency market, the U.S. dollar traded below the 90-yen range early Tuesday in Tokyo, little changed from its levels in overnight trading in New York. In early trades, the dollar fetched 89.86-89.87 yen against Monday's close of 89.88-89.98 yen in New York and 90.11-90.12 yen in Tokyo. The yen is currently trading at 89.94 against the U.S. dollar.
Among other stock markets in the Asia-Pacific region, Australia, Korea, Singapore and Taiwan are trading with notable gains. Shanghai is also up in positive territory. However, the New Zealand market is exhibiting some weakness. Markets across the region had closed higher on Monday.
On Wall Street, stocks moved up sharply on Monday and lifted the Dow to its best closing level in over a year. The strength in the markets was partly due to optimism generated by indications from the G20 finance ministers that their economic stimulus measures will remain in place until the global economic recovery is assured.
While the Dow finished stronger by 203.5 points, or 2%, at 10,226.9, the Nasdaq gained 41.6 points, or 2%, to close at 2,154.1, and the S&P 500 advanced to 1,093.1, gaining 23.8 points, or 2.2% for the day.
Major European markets closed notably higher on Monday. While U.K.'s FTSE 100 and the French CAC 40 Index both gained 2.1% percent, the German DAX index ended higher by 2.4%.
Crude oil prices surged toward US$80 per barrel on Monday, boosted by a weaker dollar and concerns over Hurricane Ida, which is threatening the Gulf Coast. Light sweet crude oil for December delivery moved to US$79.43 per ounce, up US$2 for the session.
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