By RTT News, October 17, 2013, 10:08:00 PM EDT
(RTTNews.com) - After a flat start, the Japanese stock market slipped into the red in early trades Friday, with investors taking some profits after seven successive days of gains. However, thanks to support at lower levels, the market rebounded into positive territory subsequently and is currently trading marginally up. The mood is somewhat cautious ahead of release of Chinese GDP data.
The benchmark Nikkei 225 index, which declined to 13,536.8, rallied to around 14,610 subsequently and is currently trading at 14,595, up 8.5 points from its previous close.
Sumco Corp. is up nearly 4.5 percent. Advantest Corp. ( ATE ) is trading 3.5 percent up. Furukawa Electric, Hokuetsu Kishu Paper, Nippon Paper Industries, Daikin Industries and Oki Electric Industry are up 2 to 2.4 percent.
Fuji Electric, Furukawa, Olympus Corp., NTN Corp.Unitika, Taiyo Yuden, Heiwa Real Estate, Sekisui House, Sumitomo Realty & Development, East Japan Railway, Kansai Electric Power and J Front Retailing are trading higher by 1 to 2 percent.
Meanwhile, JFE Holdings, Sony Financial Holdings, Tokio Marine Holdings, Yokohama Rubber and Pioneer Corp. are trading weak, losing 2 to 3 percent. Bridgestone Corp. is down 1.6 percent following the company closing down one of its units.
In the currency market, the U.S. dollar traded around 98 yen in early deals in Tokyo. The yen is currently trading at 98.08 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Australia, Hong Kong, Malaysia, Singapore and Taiwan are trading higher. Shanghai and New Zealand are down marginally, while South Korea is trading flat.
On Wall Street, stocks recovered in late trading on Thursday after exhibiting weakness early on in the session. Profit taking following Wednesday's rally contributed to the initial weakness on Wall Street, but selling pressure waned not long after the open.
The Dow edged down 2.2 points or less than a tenth of a percent to 15,371.6, while the Nasdaq rose 23.7 points or 0.6 percent to 3,863.2 and the S&P 500 advanced 11.6 points or 0.7 percent to 1,733.2.
Major European markets turned in a mixed performance on Thursday. While the U.K.'s FTSE 100 index crept up by 0.1 percent, the French CAC 40 index and the German DAX index ended lower by 0.1 percent and 0.4 percent, respectively.
U.S. crude oil plummeted to end at a more than three-month low on Thursday, on demand growth uncertainties notwithstanding the agreement in Washington over the government shutdown and debt ceiling issues. Investor concerns surfaced after some industry data showed U.S. crude oil stockpiles to have jumped more than expected last week.
Crude for November delivery dropped $1.62 or 1.6 percent to close at $100.67 a barrel on the New York Mercantile Exchange.
For comments and feedback: contact firstname.lastname@example.org