Japanese Market Sharply Higher

(RTTNews) - The Japanese stock market is trading sharply higher on Monday, extending the gains in the previous session, following the broadly positive cues from Wall Street on Friday, with the Nikkei 225 moving above the 50,400 level, with gains across most sectors led by index heavyweights, financial and technology stocks.

The benchmark Nikkei 225 Index is up 896.95 points or 1.81 percent at 50,404.16, after touching a high of 50,430.71 earlier. Japanese shares ended significantly higher on Friday.

Market heavyweight SoftBank Group is surging almost 7 percent and Uniqlo operator Fast Retailing is adding more than 1 percent. Among automakers, Honda is gaining more than 2 percent and Toyota is up more than 1 percent.

In the tech space, Advantest is gaining more than 3 percent, Screen Holdings is advancing almost 4 percent and Tokyo Electron is surging almost 5 percent.

In the banking sector, Sumitomo Mitsui Financial is gaining more than 1 percent, Mitsubishi UFJ Financial is advancing more than 2 percent and Mizuho Financial is adding almost 3 percent.

The major exporters are mostly higher. Mitsubishi Electric is gaining almost 3 percent, Canon is up more than 1 percent and Panasonic is advancing more than 3 percent, while Sony is edging down 0.1 percent.

Among the other major gainers, Toppan Holdings is surging almost 7 percent, while Sumitomo Electric Industries and Resonac Holdings are jumping more than 6 percent each. Mitsui Kinzoku, Fujikura are advancing almost 6 percent each, while Lasertec, Ibiden and Furukawa Electric are gaining almost 5 percent each. Japan Steel Works, Disco, Fanuc and Sumitomo Metal Mining are adding almost 4 percent.

Conversely, Nitori Holdings is tumbling almost 5 percent, SHIFT is declining almost 4 percent and M3 is losing more than 3 percent, while NH Foods and Aeon are down almost 3 percent each.

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

On Wall Street, stocks showed a strong move to the upside during trading on Friday, extending the significant rebound seen over the course of Thursday's session. With the upward move, the major averages further offset the weakness seen earlier in the week.

The tech-heavy Nasdaq reached new highs for the session going into the end of the day, closing up 301.26 points or 1.3 percent at 23,307.62. The S&P 500 also jumped 59.74 points or 0.9 percent to 6,834.50, while the narrower Dow rose 183.04 points or 0.4 percent to 48,134.89.

The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index climbed by 0.6 percent, the German DAX Index rose by 0.4 percent and the French CAC 40 Index closed just above the unchanged line.

Crude oil prices increased on Friday amid concerns of a supply side disruption due to brewing U.S.-Venezuela tensions. West Texas Intermediate crude for January delivery was up by $0.47 or 0.84 percent at $56.62 per barrel.