Nikkei Recovering, Despite Increased COVID19 Infections – Quick Update!  - Forex News by FX Leaders

Nikkei Recovering, Despite Increased COVID19 Infections – Quick Update!

Posted Thursday, July 9, 2020 by
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. 

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
Related Articles
Japanese stock markets have started to recover, following the closing of the day. Bullish recovery was backed by the Paper & Pulp, Railway..
4 weeks ago
Comments

Leave a Reply

avatar
  Subscribe  
Notify of