By RTT News,
December 16, 2013, 09:46:00 PM EDT
(RTTNews.com) - The Japanese stock market is trading notably higher on Tuesday, with investors indulging in some hectic bargain hunting after recent sharp losses. A positive lead from Wall Street, wheres stocks ended on a firm note overnight on the back of an impressive industrial output report is also contributing to the upmove.
The benchmark Nikkei 225 index, which advanced to 15,322.1, is currently trading at 15,310, up 157.1 points or more than 1 percent from its previous close.
Sumitomo Chemical Co shares are up nearly 6 percent, following Bank of America's Merrill Lynch unit raising the stock's rating to 'buy' from 'neutral'.
Advantest Corp. ( ATE ) and JTEKT Corp. are trading higher by over 4.5 percent. Pioneer Corp., Nitto Boseki, Alps Electric, Amada & Co., Seven & I Holdings, Yahoo Japan, Furukawa Electric, Fujikura, Sapporo Holdings, Dai Nippon Printing, Nisshin Steel Holdings, Minebea and Panasonic Corp. (PC) are up 2.5 to 4 percent.
Hitachi Construction Machinery, Toppan Printing, Suzuki Motor, Honda Motor ( HMC ), Tokyo Electron, SKY Perfect JSAT Holdings, Nissan Chemical Industries, Fast Retailing, Casio Computer and Nichirei Corp. are also up sharply.
Dai-ichi Life Insurance rose sharply following Barclays raising its outlook on the stock to overweight from equalweight. However, the stock retreated and gave up some gains subsequently.
In the currency market, the U.S. dollar is trading at 103 yen, slightly above its previous close of 103.06.
Among other markets in the Asia-Pacific region, Hong Kong, Singapore, Australia, Malaysia, South Korea and Taiwan are trading in positive territory, while Shanghai and New Zealand are trading weak.
On Wall Street, stocks ended notably higher on Monday, due largely to upbeat industrial production data and some hectic bargain hunting at several counters. Though buying interest waned after an initial rally, the markets maintained a positive bias throughout the trading session.
The Dow advanced 129.2 points or 0.8 percent to 15,884.6, the Nasdaq climbed 28.5 points or 0.7 percent to 4,029.5 and the S&P 500 rose 11.2 points or 0.6 percent to 1,786.5.
Major European markets too closed on a firm note Monday. The U.K.'s FTSE 100 index jumped by 1.3 percent, while the French CAC 40 index and the German DAX index surged up by 1.5 percent and 1.7 percent, respectively.
U.S. crude oil ended higher on Monday, even as investors awaited the outcome from the U.S. Federal Reserve policy review meet beginning Tuesday, anticipating a cut to its $85 billion monthly bond-buying program. Investors also weighed some largely positive economic data out of the U.S. and Europe, with a weak dollar further supporting oil prices.
Crude for January delivery ended up $0.88 or 0.9 percent at $97.48 a barrel on the New York Mercantile Exchange.
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