By RTT News, September 19, 2013, 10:51:00 PM EDT
(RTTNews.com) - The Japanese stock market is trading marginally higher on Friday, after retreating to lower levels in early trades. Investors are mostly treading cautiously amid doubts about the near-term outlook for the market after Thursday's sharp upmove.
The benchmark Nikkei 225 index, which declined to 14,724.4 after opening at 14,801.6, is currently trading at 14,797.3, up 31.1 points or 0.2 percent from its previous close.
Nikon Corp. is up nearly 6 percent. Shiseido Co. is trading higher by 5.6 percent and Ebara Corp. is up 4.3 percent.
Dainippon Screen Manufacturing is trading nearly 3.5 percent up. Asahi Glass, Alps Electric, Furukawa, IHI Corp., Sumitomo Electric Industries and Fuji Heavy Industries are up 2 to 3 percent.
Chiba Bank, Chubu Electric Power, Bank of Yokohama, Taiheiyo Cement, Pioneer Corp., Konica Minolta, Mazda Motor, JFE Holdings, Nippon Paper Industries and Sumitomo Chemical are also trading notably higher.
Meanwhile, Tokyo Electric Power is trading lower by about 3 percent on reports the company will have to earmark an additional 1 trillion yen over the next 10 years to pay for dismantling the damaged nuclear reactors at its Fukushima Daiichi plant.
Mitsui OSK Lines and Sekisui House are trading lower by 3.3 percent and 2.4 percent, respectively. Unitika, Kobe Steel, Nisshinbo Holdings, Citizen Holdings, Fanuc Corp., Sharp Corp. and Tokuyama Corp. are among the other losers in the index.
In the currency market, the U.S. dollar traded at the lower 99 yen level in early deals in Tokyo. The yen is currently trading at 99.55 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Australia, New Zealand and Singapore are trading weak, while Malaysia is trading modestly higher. Markets in Hong Kong, South Korea and Taiwan are closed for public holidays.
On Wall Street, stocks turned in a lackluster performance on Thursday, with traders taking a breather after the previous session's rally, which was inspired by the Federal Reserve's decision to refrain from scaling back its stimulus program.
The major averages ended the day mixed, as the tech-heavy Nasdaq extended yesterday's upward move but the Dow and the S&P 500 gave back some ground. While the Nasdaq edged up 5.7 points or 0.2 percent to 3,789.4, the Dow dipped 40.4 points or 0.3 percent to 15,636.5 and the S&P 500 slipped 3.2 points or 0.2 percent to 1,722.3.
Major European markets ended higher on Thursday. The U.K.'s FTSE 100 index gained 1 percent, while the French CAC 40 index and the German DAX index closed higher by 0.9 percent and 0.7 percent, respectively.
U.S. crude oil ended sharply lower on Thursday, on profit taking and easing supply concerns with reports that Libyan output is expected to increase shortly. Crude for October delivery ended down $1.68 or 1.6 percent at $106.39 a barrel on the New York Mercantile Exchange.
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