Japanese Market Modestly Lower

(RTTNews) - Giving up some of the gains in the previous session, the Japanese stock market is modestly lower on Tuesday, with the Nikkei 225 falling below the 38,800 level, despite the broadly positive cues from European markets overnight, with losses index heavyweights and technology stocks.

The benchmark Nikkei 225 Index is down 112.16 points or 0.29 percent at 38,787.86, after hitting a low of 38,756.13 earlier. Japanese shares ended notably higher on Monday.

Market heavyweight SoftBank Group is edging up 0.2 percent and Uniqlo operator Fast Retailing is also edging up 0.2 percent. Among automakers, Honda is edging down 0.4 percent and Toyota is losing almost 1 percent.

In the tech space, Advantest is losing almost 1 percent, Tokyo Electron is declining more than 1 percent and Screen Holdings is slipping almost 3 percent.

In the banking sector, Sumitomo Mitsui Financial is gaining more than 1 percent and Mitsubishi UFJ Financial is adding almost 1 percent, while Mizuho Financial is losing almost 1 percent.

The major exporters are mixed. Panasonic is losing almost 2 percent and Sony is edging down 0.3 percent, while Mitsubishi Electric and Canon are gaining almost 1 percent each. Among the other major losers, Sharp is losing almost 3 percent.

Conversely, Furukawa Electric is surging more than 7 percent and Kansai Electric Power is gaining more than 4 percent, while Sumitomo Electric Industries and Toray Industries are adding more than 3 percent each. Teijin, Nikon, Chubu Electric Power, Japan Steel Works and Tokyo Electric Power are advancing almost 3 percent each.

In the currency market, the U.S. dollar is trading in the higher 156 yen-range on Tuesday.

On Wall Street, the markets were closed for Memorial Day on Monday after closing higher on Friday.

The major European markets moved to the upside on the day. Germany's DAX and France's CAC 40 gained 0.44% and 0.46%, respectively. The U.K. market was closed due to Bank Holiday.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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