Japan Nikkei recoups ground on bargain hunting

Headline indices of the Japan share market were tad higher on Monday, 22 October 2018, thanks to bargain hunting which helped to recoup early losses triggered by following the mixed cues from Wall Street Friday amid lingering geopolitical worries including the diplomatic fallout from the death of a Saudi journalist and ahead of corporate earnings report season. Total 26 out of TSE 33 issues inclined, with shares in Mining, Fishery, Agriculture & Forestry, Foods, Chemicals, Marine Transportation, Construction, and Electric Power & Gas issues being notable gainers. In late-afternoon trades, the 225-issue Nikkei index inclined 79.60 points, or 0.35%, at 22,611.68. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 2.65 points, or 0.16%, to 1,695.50.

CURRENCY NEWS: Japanese yen depreciated against greenback on Monday. The Japanese yen was at 112.59 against the dollar, weakening from levels below 112.2 last week.

 

OFFSHORE MARKET: US stock market closed mixed on Friday, as concerns about rising interest rates and tensions between the U.S. and Saudi Arabia continued to weigh on the markets. The Dow Jones Industrial Average rose 64.89 points or 0.3% to 25,444.34, while the Nasdaq fell 36.11 points or 0.5% to 7,449.03 and the S&P 500 edged down 1.00 points to 2.767.78.

European markets also ended mixed on Friday. The German DAX Index dipped by 0.3% and the French CAC 40 Index fell by 0.6%, while the U.K.'s FTSE 100 Index rose by 0.3%.

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