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Japan Nikkei rebounds on bargain hunting Back
(18:05, 03 Dec 2021)
Japan share market finished session higher on Friday, 03 December 2021, as investors chased for bottom fishing on heavily battered shares, thanks to positive lead from Wall Street overnight, yen depreciation against greenback and better than expected service PMI data for November.

At closing bell, the 225-issue Nikkei Stock Average added 276.20 points, or 1%, to 28,029.57. The broader Topix index of all First Section issues on the Tokyo Stock Exchange advanced 31.49 points, or 1.63%, to 1,957.86.

Total 32 of 33 Topix industry groups ended up, with top performing issues were Air Transportation (up 5.3%), Marine Transportation (down 4.7%), Land Transportation (up 3.3%), Textiles & Apparels (up 3%), Real Estate (up 3%), and Iron & Steel (up 2.9%) issues.

Shares of transport related companies advanced after Japanese government has agreed with Merck on the procurement of 1.6 million doses of molnupiravir, an orally administered drug that prevents the virus from entering or multiplying in the body. Japan Airlines gained 5.5%, Central Japan Railway advanced 3.5%, and Nippon Yusen rose 2.1%.

Shares related to earthquake-resistant measures rose after the western Japan prefecture of Wakayama near Osaka was hit by a quake with a preliminary magnitude of 5.4 during morning trading. Soil improvement work company Fudo Tetra jumped 5.1%, while Pasco, a major aerial survey firm that also provides construction-related consulting services, climbed 4.5%.

ECONOMIC NEWS: Jibun Bank Japan Services Purchasing Managers' Index (PMI) rose to a seasonally adjusted 53.0 from the prior month's 50.7 and a 52.1 flash reading, on a jump in new business, signalling stronger consumer confidence as the coronavirus pandemic subsided. The composite PMI, estimated using manufacturing and services, expanded at the fastest rate in more than four years, rising to 53.3 from October's final of 50.7.

CURRENCY NEWS: The dollar stood at 113.37-38 yen on Friday, up from 113.26-26 yen on Thursday. The euro was at 128.03-03 yen, down from 128.11-12 yen.

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