Japanese Market Slightly Higher

(RTTNews) - Recouping some of the losses in the previous two sessions, the Japanese stock market is slightly higher on Tuesday, with the Nikkei 225 moving a tad above the 38,500 level to near 34-year highs, following the mixed cues from European markets overnight, with gains in some exporters and technology stocks partially offset by weakness in financial stocks.

The benchmark Nikkei 225 Index is up 30.16 points or 0.08 percent at 38,500.54, after touching a high of 38,742.33 earlier. Japanese shares ended slightly lower on Monday.

Market heavyweight SoftBank Group is gaining more than 1 percent and Uniqlo operator Fast Retailing is edging up 0.4 percent. Among automakers, Honda is edging up 0.3 percent, while Toyota is edging down 0.4 percent.

In the tech space, Advantest is edging down 0.5 percent, while Tokyo Electron is gaining more than 1 percent and Screen Holdings is advancing almost 4 percent.

In the banking sector, Sumitomo Mitsui Financial is losing almost 1 percent, Mizuho Financial is down more than 1 percent and Mitsubishi UFJ Financial is edging down 0.2 percent.

The major exporters are mostly higher. Panasonic is edging up 0.5 percent, while Mitsubishi Electric and Canon are gaining almost 1 percent each. Sony is edging down 0.2 percent.

Among the other major gainers, Omron is gaining almost 4 percent, while Shiseido and East Japan Railway SMC, Fanuc, Amada, Alps Alpine, Toho, Mitsubishi Heavy Industries, Ajinomoto, Trend Micro, Nichirei, Yaskawa Electric are advancing almost 3 percent each.

Conversely, Rakuten Group is losing more than 5 percent and Oriental Land is declining almost 3 percent.

In the currency market, the U.S. dollar is trading in the lower 150 yen-range on Tuesday.

On Wall Street, the markets were closed for Washington's Birthday on Monday after closing lower on Friday.

The major European markets were mixed on the day. While the German DAX Index edged down by 0.2 percent, the French CAC 40 Index remained flat and the U.K.'s FTSE 100 Index edged up 0.2 percent.,

Crude oil prices slipped on Monday as demand concerns triggered by the recent spike in producer price inflation in the U.S. weighed on market sentiment. West Texas Intermediate Crude Oil Futures for April settlement also declined 0.27 percent from the previous close of $78.46 to trade at $78.25. Prices ranged between a high of $78.46 and a low of $77.64.

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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