AGL 5.60 Decreased By ▼ -0.18 (-3.11%)
ANL 8.90 Increased By ▲ 0.02 (0.23%)
AVN 76.85 Decreased By ▼ -2.07 (-2.62%)
BOP 5.26 Decreased By ▼ -0.02 (-0.38%)
CNERGY 4.63 Decreased By ▼ -0.07 (-1.49%)
EFERT 81.27 Decreased By ▼ -0.33 (-0.4%)
EPCL 50.08 Decreased By ▼ -0.83 (-1.63%)
FCCL 13.16 Decreased By ▼ -0.22 (-1.64%)
FFL 5.69 Decreased By ▼ -0.03 (-0.52%)
FLYNG 7.07 Decreased By ▼ -0.08 (-1.12%)
FNEL 4.79 Decreased By ▼ -0.03 (-0.62%)
GGGL 8.80 Decreased By ▼ -0.10 (-1.12%)
GGL 14.55 Decreased By ▼ -1.33 (-8.38%)
HUMNL 5.69 Decreased By ▼ -0.08 (-1.39%)
KEL 2.63 Decreased By ▼ -0.03 (-1.13%)
LOTCHEM 28.60 Decreased By ▼ -0.45 (-1.55%)
MLCF 24.49 Decreased By ▼ -0.61 (-2.43%)
OGDC 72.43 Decreased By ▼ -0.02 (-0.03%)
PAEL 15.36 Increased By ▲ 0.01 (0.07%)
PIBTL 5.00 Decreased By ▼ -0.05 (-0.99%)
PRL 16.10 Decreased By ▼ -0.19 (-1.17%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
TELE 9.14 Decreased By ▼ -0.23 (-2.45%)
TPL 7.23 Decreased By ▼ -0.10 (-1.36%)
TPLP 18.61 Decreased By ▼ -0.34 (-1.79%)
TREET 21.68 Decreased By ▼ -0.32 (-1.45%)
TRG 136.71 Decreased By ▼ -4.44 (-3.15%)
UNITY 16.88 Decreased By ▼ -0.14 (-0.82%)
WAVES 9.86 Decreased By ▼ -0.04 (-0.4%)
WTL 1.41 No Change ▼ 0.00 (0%)
BR100 4,225 Decreased By -29.6 (-0.7%)
BR30 15,518 Decreased By -214.7 (-1.36%)
KSE100 42,150 Decreased By -243.4 (-0.57%)
KSE30 15,588 Decreased By -75.7 (-0.48%)
Follow us

TOKYO: Japanese stocks marked slight gains on Tuesday as investors zoned in on this week’s US Federal Reserve and Bank of Japan meetings, where the central banks are expected to reinforce their divergent approaches to tackling inflation.

As markets resumed trading after a national holiday, the Nikkei share index opened 0.8% higher and rose as much as 1.23% before paring gains to finish up 0.44% at 27,688.42. The broader Topix index added 0.45%.

“A lot of investors want to see the results of the FOMC [Federal Open Market Committee] meeting, so they’re likely to adopt a wait-and-see attitude today and tomorrow,” said Hideyuki Suzuki of SBI Securities.

Markets are fully pricing in a Fed rate hike of at least 75 basis points, with an 18% chance seen of a full percentage point rise.

“It would be a negative surprise for the market if a 100 bps rate hike was decided, and the Nikkei share average would likely test lower levels,” said a domestic asset manager.

The Bank of Japan, however, is expected to remain a global outlier by refusing to hike interest rates, even as inflation rises.

Japan on Tuesday reported that core consumer inflation touched a near eight-year high in August.

While the latest core consumer inflation figure of 2.8% is lower than many other countries around the world have seen this year, it marks the fifth straight month above the BOJ’s target of 2%, which has partly been driven by the dramatic slide in the yen.

The Nikkei saw 162 of its 225 constituents mark gains on Tuesday, while 56 fell and seven traded flat. The index’s climb was driven by technology stocks, in line with overnight results from the Nasdaq 100 and the Philadelphia semiconductor index.

Mobile phone operator KDDI Corp had a strong impact, gaining 1.77%, while electrical components manufacturer TDK Corp rose 2.72%.

Other strong tech performers included chipmaking equipment manufacturer Tokyo Electron Ltd and tech conglomerate SoftBank Group Corp, both major contributors to the Nikkei.

Materials manufacturer Unitika Ltd saw the biggest individual rise on the Nikkei, up 7.33%. Marine freight company Kawasaki Kisen Kaisha Ltd notched the largest loss, falling 3.28%.

Japan stocks slump on US CPI data

Healthcare was one of the few sectors to drop overall, tracking overnight losses on Wall Street.

M3 Inc dropped 2.39%, Kyowa Kirin Co Ltd lost 1.85%, and Terumo Corp fell 1.42%.

The real estate sector also weakened. Tokyo Tatemono Co Ltd fell 1.98% and Mitsui Fudosan Co Ltd dropped 1.71%.

Comments

Comments are closed.

Japan’s stocks steady as investors await Fed, BOJ meetings

Rupee remains unchanged against US dollar

Giving the govt a chance, sit with us and call elections: Imran Khan

Oil ticks up ahead of OPEC+ meeting, EU Russian oil ban

PM Shehbaz condemns assassination attempt on Pakistani envoy in Kabul

OMCs take a hit as petroleum sales drop in Pakistan

India to continue buying Russian oil: ministry source

Imran Khan says Senator Azam Swati treated in 'vengeful manner'

Qurat ul Ain Fatima appointed new ECP spokesperson

OPEC set to stick or cut more amid plan to cap Russian oil price

Shafique and Haq give Pakistan solid start after England’s 657