Japanese Market Modestly Higher

(RTTNews) - The Japanese market is trading modestly higher on Friday, reversing some of the losses in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving up to near the 59,500 level, with gains in technology stocks partially offset by weakness in automakers and financial stocks.

The benchmark Nikkei 225 Index is up 213.66 points or 0.36 percent to 59,498.58, after touching a high of 59,657.01 earlier. Japanese shares ended significantly lower on Thursday.

Market heavyweight SoftBank Group is gaining almost 3 percent, while Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Toyota is losing almost 1 percent and Honda is almost down almost 1 percent.

In the tech space, Screen Holdings is advancing more than 2 percent, Advantest is edging up 0.2 percent and Tokyo Electron is surging more than 7 percent.

In the banking sector, Sumitomo Mitsui Financial is down almost 1 percent, Mizuho Financial is losing more than 1 percent and Mitsubishi UFJ Financial is declining almost 2 percent.

Among the major exporters, Sony is edging down 0.5 percent and Mitsubishi Electric is losing more than 1 percent, while Canon is edging up 0.4 percent and Panasonic is gaining more than 2 percent.

Among other major gainers, Toto is skyrocketing more than 18 percent, East Japan Railway is soaring more than 9 percent and Toyota Tsusho is jumping more than 8 percent, while Keyence, Chugai Pharmaceutical, Toppan Holdings and Daikin Industries are surging almost 5 percent each. Nitori Holdings and ANA Holdings are adding almost 4 percent each, while Tokuyama is advancing more than 3 percent and Japan Airlines is up almost 3 percent.

Conversely, Alps Alpine is plummeting almost 15 percent and Nippon Electric Glass tumbling almost 9 percent, while Taiyo Yuden, Lasertec and Ajinomoto are slipping almost 5 percent. Fujitsu is sliding more than 4 percent, while Kansai Electric Power and JTEKT are declining almost 4 percent each. Otsuka Holdings, Central Japan Railway, Murata Manufacturing, Trend Micro and Hoya are losing more than 4 percent each, while NEC and Sompo Holdings are down almost 3 percent each.

In economic news, the manufacturing sector in Japan continued to expand in April, and at a faster pace, the latest survey from Jibun Bank revealed on Friday with a manufacturing PMI score of 55.1. That's up from 51.6 in March and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

In the currency market, the U.S. dollar is trading in the lower 157 yen-range on Friday.

On Wall Street, stocks moved sharply higher over the course of the trading day on Thursday after seeing considerable volatility early in the session. The major averages all showed strong moves to the upside, with the Nasdaq and the S&P 500 reaching new record closing highs.

The major averages gave back some ground going into the end of the day but still posted strong gains. The Dow surged 790.33 points or 1.6 percent to 49,652.14, the S&P 500 jumped 73.06 points or 1 percent to 7,209.01 and the Nasdaq advanced 219.08 points or 0.9 percent to 24,892.31.

The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index surged by 1.6 percent, the German DAX Index jumped by 1.4 percent and the French CAC 40 Index climbed by 0.6 percent.

Crude oil prices came under pressure on Thursday, reflecting profit taking amid ongoing concerns about the Middle East conflict. West Texas Intermediate crude for June delivery was down $2.40 or 2.3 percent at $104.48 a barrel.