Japanese Market Modestly Higher

(RTTNews) - The Japanese stock market is trading modestly higher on Monday, extending the gains in the previous session, following the mixed cues from Wall Street on Friday, with the Nikkei 225 moving above the 59,950 level, with gains in index heavyweights and technology stocks, with most other sectors delivering a mixed performance.

The benchmark Nikkei 225 Index is up 233.85 points or 0.39 percent at 59,950.03, after touching a high of 60,106.66 earlier. Japanese shares ended significantly higher on Friday.

Market heavyweight SoftBank Group is gaining almost 1 percent and Uniqlo operator Fast Retailing is adding more than 1 percent. Among automakers, Honda is advancing almost 1 percent, while Toyota is edging down 0.1 percent.

In the tech space, Advantest and Tokyo Electron are gaining more than 1 percent each, while Screen Holdings is adding almost 1 percent.

In the banking sector, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are edging down 0.2 percent each, while Mizuho Financial is gaining almost 1 percent.

The major exporters are mixed. Mitsubishi Electric is gaining almost 1 percent and Panasonic is advancing almost 4 percent, while Sony is losing almost 1 percent and Canon are edging down 0.1 percent.

Among the other major gainers, Fanuc is soaring almost 11 percent, Fuji Electric is jumping more than 7 percent, SMC surging almost 5 percent and Yaskawa Electric is advancing more than 4 percent, while Disco and Denso are advancing almost more than 3 percent each. Shimizu, NEC, Fujitsu and Kioxia Holdings are gaining almost 3 percent each.

Conversely, Chugai Pharmaceutical is tumbling almost 15 percent, Nomura Research Institute is sliding more than 7 percent and Nomura Holdings is slipping more than 5 percent, while Mercari and Mitsui O.S.K. Lines are declining almost 5 percent each. Nippon Yusen K.K., IHI, Kawasaki Kisen Kaisha, Sumitomo Pharma and ARCHION are losing almost 4 percent each, while Astellas Pharma, Mitsubishi, Seven & I Holdings, Renesas Electronics and Kawasaki Heavy Industries are down more than 3 percent each.

In the currency market, the U.S. dollar is trading in the higher 159 yen-range on Monday.

On Wall Street, stocks moved back to the upside during trading on Friday after moving mostly lower over the course of the previous session. The Nasdaq and S&P 500 more than offset yesterday's losses, reaching new record closing highs.

The tech-heavy Nasdaq led the way higher, jumping 398.09 points or 1.6 percent to 24,836.60, while the S&P 500 advanced 56.68 points or 0.8 percent to 7,165.08. The narrower Dow, on the other hand, bucked the uptrend and dipped 79.61 points or 0.2 percent to 49,230.71.

Meanwhile, the major European markets all moved to the downside on the day. While the German DAX Index edged down by 0.1 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index both slid by 0.8 percent.

Crude oil prices slumped on Friday as the prospects of a peace deal between U.S. and Iran gather steam, lowering Middle East tensions. West Texas Intermediate crude for June delivery was down $1.68 or 1.75 percent at $94.17 per barrel.