AIRLINK 74.00 Decreased By ▼ -0.25 (-0.34%)
BOP 5.14 Increased By ▲ 0.09 (1.78%)
CNERGY 4.55 Increased By ▲ 0.13 (2.94%)
DFML 37.15 Increased By ▲ 1.31 (3.66%)
DGKC 89.90 Increased By ▲ 1.90 (2.16%)
FCCL 22.40 Increased By ▲ 0.20 (0.9%)
FFBL 33.03 Increased By ▲ 0.31 (0.95%)
FFL 9.75 Decreased By ▼ -0.04 (-0.41%)
GGL 10.75 Decreased By ▼ -0.05 (-0.46%)
HBL 115.50 Decreased By ▼ -0.40 (-0.35%)
HUBC 137.10 Increased By ▲ 1.26 (0.93%)
HUMNL 9.95 Increased By ▲ 0.11 (1.12%)
KEL 4.60 Decreased By ▼ -0.01 (-0.22%)
KOSM 4.83 Increased By ▲ 0.17 (3.65%)
MLCF 39.75 Decreased By ▼ -0.13 (-0.33%)
OGDC 138.20 Increased By ▲ 0.30 (0.22%)
PAEL 27.00 Increased By ▲ 0.57 (2.16%)
PIAA 24.24 Decreased By ▼ -2.04 (-7.76%)
PIBTL 6.74 Decreased By ▼ -0.02 (-0.3%)
PPL 123.62 Increased By ▲ 0.72 (0.59%)
PRL 27.40 Increased By ▲ 0.71 (2.66%)
PTC 13.90 Decreased By ▼ -0.10 (-0.71%)
SEARL 61.75 Increased By ▲ 3.05 (5.2%)
SNGP 70.15 Decreased By ▼ -0.25 (-0.36%)
SSGC 10.52 Increased By ▲ 0.16 (1.54%)
TELE 8.57 Increased By ▲ 0.01 (0.12%)
TPLP 11.10 Decreased By ▼ -0.28 (-2.46%)
TRG 64.02 Decreased By ▼ -0.21 (-0.33%)
UNITY 26.76 Increased By ▲ 0.71 (2.73%)
WTL 1.38 No Change ▼ 0.00 (0%)
BR100 7,874 Increased By 36.2 (0.46%)
BR30 25,596 Increased By 136 (0.53%)
KSE100 75,342 Increased By 411.7 (0.55%)
KSE30 24,214 Increased By 68.6 (0.28%)
Markets

Japanese shares track Wall St higher, cautious outlook caps gains

  • Mazda Motor Corp, up 6.35%, gained the most on the Nikkei, followed by Panasonic and Fujikura which rose 3.91%.
Published June 25, 2021

TOKYO: Japanese shares rose on Friday, led by cyclical and technology stocks, as markets tracked a strong finish on Wall Street, although the gains were capped by a cautious outlook of US equities and worries around the domestic economy's recovery.

The Nikkei share average gained 0.73% to 29,084.95 by 0215 GMT, while the broader Topix rose 0.64% to 1,959.61.

The Nasdaq and the S&P 500 closed at record highs overnight, while the Dow jumped almost 1% after US President Joe Biden embraced a bipartisan Senate infrastructure deal.

"Today's (Friday) market is tracking Wall Street's strong gains. But investors, particularly in Japan, are getting wary of US markets taking a pause anytime soon," said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

"Prospects of an economic recovery in Japan is getting unclear as the number of new COVID-19 infections is on the rise again, and the pandemic could worsen as Japan is holding the Olympics." Cyclical shares rose, with oil and coal developers and steel makers leading the Tokyo Stock Exchange's 33 sector sub-indexes.

Technology stocks also advanced, with Tokyo Electron rising 0.99%, Advantest jumping 2.0%, Fanuc gaining 0.46%.

Panasonic jumped 4.61% as filing made by the maker of bicycles to hair dryers showed it sold all of its stake in Tesla last fiscal year.

Nikkei's 29,000-mark has become a psychological barrier as Japan's outlook of an economic recovery remains uncertain, market participants said.

Mazda Motor Corp, up 6.35%, gained the most on the Nikkei, followed by Panasonic and Fujikura which rose 3.91%.

Drug maker Eisai Co Ltd fell 4%, making it the biggest loser on the Nikkei, followed by shipping firms Mitsui OSK Lines and Nippon Yusen, losing 2.1% and 1.6%, respectively.

Comments

Comments are closed.