Japan Stocks rebound on bargain hunting

Japan share market rebounded from four-month low on Friday, 14 May 2021, as investors snapped up bargains following three consecutive down days, thanks to positive lead from Wall Street overnight and better than expected corporate earnings.

At closing bell, the 225-issue Nikkei Stock Average spurted 636.46 points, or 2.32%, to 28,084.47. The broader Topix index of all First Section issues on the Tokyo Stock Exchange surged 34.38 points, or 1.86%, to 1,883.42. For the week, the Nikkei fell 4.3 per cent.

Total 29 sub-indexes of the 33 sector sub-indexes on the Tokyo exchange traded higher, with Precision Instruments, Other Financial Business, Land Transportation, Metal Products, Retail Trade, Insurance, and Information & Communication sectors being notable gainers, while Pulp & Paper, Iron & Steel, Nonferrous Metals sectors were notable losers.

 

IHI Corp shares advanced after the industrial equipment maker said it expects this fiscal year's operating profit to more than double.

Toshiba Corp shares rose 0.9% after the industrial conglomerate said it expects a 63 per cent surge in annual operating profit this fiscal year.

CURRENCY NEWS: The dollar eased to around 109.30 yen after searching for direction in Tokyo trading Friday. At 5 p.m., the dollar stood at 109.38-38 yen, down from 109.66-67 yen at the same time Thursday. The euro was at 132.51-52 yen, down slightly from 132.53-60 yen.

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