Nikkei Recovering, Despite Increased COVID19 Infections – Quick Update!
Arslan Butt • 1 min read
Japanese stock markets have started to recover, following the closing of the day. Bullish recovery was backed by the Paper & Pulp, Railway & Bus and Real Estate sector gains. The investor’s expectations for a V-shaped global economic recovery from COVID-19, against ever-increasing numbers of cases, helped the Japanese stock market to remain higher.
At the close in Tokyo, Japan’s Nikkei 225 NKY had increased by 0.46%. On the negative side, Australia’s latest travel advisory warning to stay away from Hong Kong, and the US policymakers’ attack on Beijing, through the imposition of visa restrictions and the proposal to strike back against the Hong Kong dollar peg, also added strength to market pessimism.
The best performance in the Nikkei 225 during the session is associated with Familymart Ltd. (T:8028), which increased by 22.81%, or 400.0 points, to trade at 2154.0 at the close. In the meantime, Eisai Co., Ltd. (T:4523) added 4.84% or 413.0 points, ending at 8948.0, and Softbank Group Corp. (T:9984) was up by 4.52%, or 272.0 points, to 6291.0 in late trading.
On the flip side, the worst performers of the session were Aeon Co., Ltd. (T:8267), which fell by 4.85%, or 123.0 points, to trade at 2410.5 at the close. Nippon Kayaku Co., Ltd. (T:4272) declined by 4.15%, or 45.0 points, to end at 1039.0, and Mitsui Engineering & Shipbuilding (T:7003) was down by 3.94%, or 17.0 points, to 415.0. Although the stock indices have recovered, the increased number of COVID-19 cases could drive bearish bias again, amid a risk-off market sentiment.