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Nikkei Recovering, Despite Increased COVID19 Infections – Quick Update! 

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. 

 

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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