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Nikkei snaps 4-day losing streak on bargain-hunting from 7-week low
The 225-issue Nikkei Stock Average ended up 324.36 points, or 1.14 percent at 28,729.88 from Wednesday when it finished at the lowest since Feb. 4. The broader Topix index of all First Section issues on the Tokyo Stock Exchange closed 26.97 points, or 1.40 percent, higher at 1,955.55.
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A pedestrian wearing a face mask walks past a stock indicator displaying numbers of Nikkei 225 of the Tokyo Stock Exchange in Tokyo on January 4, 2021, on the first trading day of the year.
(AFP/Behrouz Mehri)
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okyo stocks rose Thursday, with the benchmark Nikkei snapping a four-day losing streak that saw the index tumble to a seven-week low, as investors focused on equities recently battered by concerns over the impact of a resurgence of the coronavirus on the global economy.
The 225-issue Nikkei Stock Average ended up 324.36 points, or 1.14 percent at 28,729.88 from Wednesday when it finished at the lowest since Feb. 4. The broader Topix index of all First Section issues on the Tokyo Stock Exchange closed 26.97 points, or 1.40 percent, higher at 1,955.55.
Gainers were led by marine transportation, nonferrous metal and mining issues.
The US dollar held firm below the 109 yen line, supported by buying from Japanese importers for settlement purposes ahead of the March-end book closing, dealers said.
North Korea's firing of two ballistic missiles into the Sea of Japan in the morning, its first launch in a year, had a limited impact on the foreign exchange and other financial markets, they added.
Investor interest in stocks viewed as oversold was strong after the Nikkei lost more than 1,800 points, or 6 percent, over the past four operating days through Wednesday.
"Bargain-hunting dominated the market, as worries about the global economic outlook eased somewhat," said Shingo Ide, chief equity strategist at the NLI Research Institute.
Brokers said market players will be keeping an eye on US President Joe Biden's first press conference to be held later in the day. Topics are expected to include his administration's next stimulus plan, with Biden reportedly wanting a fresh spending package of $3 trillion for infrastructure and domestic demand.
On the First Section, advancing issues outnumbered decliners 1,925 to 228, while 40 ended unchanged.
Sectors sensitive to overseas demand mostly rallied after their sharp falls on Wednesday.
Nippon Yusen advanced 115 yen, or 3.1 percent, to 3,815 yen and Kawasaki Kisen climbed 90 yen, or 3.7 percent, to 2,507 yen.
Mitsui Mining and Smelting jumped 210 yen, or 5.8 percent, to 3,820 yen with Mitsubishi Materials up 97 yen, or 4.0 percent, at 2,531 yen.
Trading volume on the main section fell to 1,243.41 million shares from Wednesday's 1,591.35 million shares.
