Japan: Nikkei rebounds 1.8%

Japan stock market finished session sharp higher on Monday, 02 August 2021, recouping most of the losses of the previous session, as investors chased for bottom fishing on battered shares after the Nikkei index fell sharply late last week. Meanwhile, upbeat manufacturing data also supported stocks buying. However, the market upside was limited amid continued concerns about the spread of the highly contagious coronavirus variants and the resultant state of emergencies to contain the virus.

At closing bell, the 225-issue Nikkei Stock Average surged 497.43 points, or 1.82%, to 27,781.02. The broader Topix index of all First Section issues on the Tokyo Stock Exchange gained 38.97 points, or 2.05%, to 1,940.05.

 

Trading volume turnover in the 1st section decreased to 1,062 million shares from 1,236 million shares in previous session. Trading value turnover decreased to 2,457.27 billion yen from 2,846.93 billion yen in previous session.

Total 32 of 33 sectors sub-indexes on the Tokyo exchange ended higher, with top performing sectors were Marine Transportation (up 9.2%), Iron & Steel (up 4.3%), Glass & Ceramics Products (up 4%), Pulp & Paper (up 3.7%), Metal Products (up 3.2%), Wholesale Trade (up 3.2%), and Nonferrous Metals (up 2.9%) sectors.

ECONOMIC NEWS: The latest survey from Jibun Bank showed on Monday that Manufacturing Purchasing Managers' Index (PMI) in July rose to 53.0 on a seasonally adjusted basis from 52.4 in the previous month, due to a stronger expansion of output and new orders. That compared with a 52.2 flash reading released last month.

CURRENCY NEWS: The Japanese yen traded at 109.70 per dollar, stronger than levels above 110 against the greenback seen last week.

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