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Japan share market finished session firmly in green territory on Monday, 27 May 2024, as value buying resumed mostly across the board following steep selloff in previous session, with shares in insurance, marine transport, financials, and energy sectors leading gains.
Tokyo market commenced trading with firm footing on Monday, as investors took heart from gains in Wall Street last Friday. Also boosting sentiments was Bank of Japan Governor Kazuo Ueda statement that the country has made progress in moving away from zero and lifting inflation expectations.
At closing bell, the 225-issue Nikkei Stock Average index advanced 253.91 points, or 0.66%, to 38,900.02. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 23.82 points, 0.87%, to 2,766.36.
Total 31 of 33 TSE sectors advanced along with broader Topix index. Insurance was top performing sector, gaining 3.3%, followed by Marine Transportation (up 3%), Nonferrous Metals (up 2.6%), Electric Power & Gas (up 2.6%), Oil & Coal Products (2%), and Securities & Commodities Futures (up 1.7%) sectors.
ECONOMIC NEW: Japan Leading Index Revised Higher To 112.2 For March -- Japan's leading index improved slightly in March, revised from a decline estimated initially, the latest data from the Cabinet Office showed on Monday. The leading index, which measures future economic activity, rose to 112.2 in March from 112.1 in the previous month. In the initial estimate, the score was 114.1. Meanwhile, the coincident index strengthened to 113.6 in March from 111.5 a month ago. The latest score was revised down from 113.9. The coincident index measures the current economic situation. The lagging index climbed to 107.4 in March from 107.0 in the prior month. The flash score was 106.2.
CURRENCY NEWS: Japanese yen moved in the upper156 zone against greenback. The dollar fetched 156.81 yen, against 156.93 yen in New York on Friday.
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