Tokyo Stocks End Over with Dip-Buying as Nikkei Drop
Tokyo stocks closed slightly higher on Friday. After a pointed decline in the market, participants bought a sharp drop in the Nikkei index in the last two trading days. The 225-issue Nikkei Stock Average closed at 97.23 points, up 0.36 percent, from 26,985.80 on Thursday. The Topix index was up 0.21 percent at 1,896.79 points, for 3.89 points.
Tokyo shares traded higher on the trading day amid rising nightclubs on Wall Street. Last week, new applications for unemployment benefits in the U.S. dip to their lowest matched in more than 53 years. According to analysts, the shares were further strengthened by purchases after the sharp fall of the Nikkei index, Nearly 900 points in the last two days.
However, stocks temporarily fell into negative territory; Before moving in the afternoon without direction. This was due to the aggressive monetary tightening of the U.S. Federal Reserve. According to experts, market players held the expectation position before releasing the U.S. Consumer Price Index. This could trigger the Fed to accelerate its aggressive stance in the event of higher inflation than expected.
Tokyo Stocks and Market
Toyota Motor lost 3.4 percent after it was reported that the Japanese automaker might be forced to pay about $1.5 billion in compensation to Australian consumers; Who sold cars with faulty diesel engine filters after losing a class-action lawsuit.
Seven & I Holdings fell 3.4 percent; After the convenience store operator’s revenue results for the year, including February, were published. This did not meet the market expectations. Toshiba grew by 1.9 percent. On Thursday, the Japanese conglomerate announced that it would suspend a plan to split into two companies. In parallel, consider other options, including transferring the firm to private ownership.
Nikon gained 7.5 percent. The instrument maker said it would buy back its shares, which would result in a shareholder refund. The volume of trading in the Prime Market increased to 1,270.96 million shares, compared to 1,188.11 million on Thursday. On Monday, the Tokyo Stock Exchange announced the Standard, Prime, and Growth Markets to replace the four former trading segments.