Best Stocks to Buy – Japan Market extends gain on overseas strength, strong earnings
Japan share market managed to end in positive territory on Friday, 07 May 2021, as investors risk sentiment was supported by a robust Wall Street overnight and favorable domestic earnings results. However, market gains were capped amid growing concerns over the imminent extension of the coronavirus state of emergency in Japan until the end of the month and as a wait-and-see mood grew ahead of U. S. jobs data for April due out later in the day.
At closing bell, the 225-issue Nikkei Stock Average advanced 26.45 points, or 0.09%, to 29,357.82. The broader Topix index of all First Section issues on the Tokyo Stock Exchange increased 5.65 points, or 0.29%, to 1,933.05.
Total 26 sub-indexes of the 33 sector sub-indexes on the Tokyo exchange traded higher, with Iron & Steel, Marine Transportation, Insurance, Mining, Nonferrous Metals, and Air Transportation issues being notable gainers, while Precision Instruments, Securities & Commodities Futures, and Land Transportation issues were notable losers.
ECONOMIC NEWS: Japan services sector continued to contract in April, with a services PMI score of 49.5, the latest survey from Jibun Bank revealed on Friday. That’s up from 48.3 in March, although it remains slightly below the boom-or-bust line of 50 that separates expansion from contraction.
This marked the slowest contraction in activity in the current 15-month period of decline. The latest reduction was only modest overall, as firms faced softer restrictions in the first half of April.
CURRENCY NEWS: The dollar hovered around 109.10 yen on a weak note in Tokyo trading on Friday, amid a growing wait-and-see mood ahead of the release of the U. S. government’s jobs report later the same day. At 5 p.m., the dollar stood at 109.14-15 yen, down from 109.33-33 yen at the same time Thursday. The euro was at 131.81-82 yen, up from 131.46-47 yen.
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