Japanese Market Notably Higher

(RTTNews) - The Japanese stock market is notably higher on Thursday, recouping the losses in the previous two sessions, with the Nikkei 225 just below the 30,800 level, despite the broadly negative cues from global markets overnight, boosted by strong gains in the technology sector, partially offset by losses in most other sectors. The benchmark Nikkei 225 Index is up 109.66 points or 0.36 percent to 30,792.34, after touching a high of 30,886.50 earlier. Japanese stocks closed significantly lower on Wednesday.

Market heavyweight SoftBank Group is edging up 0.5 percent, while Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Toyota is losing almost 1 percent, while Honda is adding more than 1 percent.

In the tech space, Screen Holdings is gaining more than 3 percent, Tokyo Electron is adding almost 3 percent and Advantest is soaring more than 16 percent.

In the banking sector, Mitsubishi UFJ Financial is losing more than 1 percent, Mizuho Financial is edging down 0.2 percent and Sumitomo Mitsui Financial is declining almost 1 percent.

Among the major exporters, Mitsubishi Electric is edging down 0.2 percent, while Canon is gaining almost 2 percent. Sony and Panasonic are edging up 0.2 to 0.4 percent each.

Among the other major losers, NEXON and Daiichi Sankyo are losing more than 3 percent each, while M3, T&D Holdings, CyberAgent, Kawasaki Kisen Kaisha, Dai-ichi Life and IHI Corp. are declining almost 3 percent each.

Conversely, Sumco is gaining more than 3 percent and Eisai is adding almost 3 percent.

In the currency market, the U.S. dollar is trading in the higher 139 yen-range on Thursday.

On Wall Street, stock saw further downside during trading on Wednesday following the steep drop seen in Tuesday's session. The major averages all moved lower, with the tech-heavy Nasdaq pulling back further off the nine-month closing high set on Monday.

The major averages fluctuated in the final hour of trading but remained in negative territory. The Dow slid 255.59 points or 0.8 percent to 32,799.92, the Nasdaq fell 76.08 points or 0.6 percent to 12,484.16 and the S&P 500 dropped 30.34 points or 0.7 percent to 4,115.24.

The major European markets also showed significant moves to the downside on the day. While the German DAX Index plunged by 1.9 percent, the U.K.'s FTSE 100 Index dove by 1.8 percent and the French CAC 40 Index slumped by 1.7 percent.

Crude oil prices moved higher Wednesday, rising for the third consecutive session on concerns over tightening supply after data showed a larger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for July jumped $1.43 or 2 percent at $74.34 a barrel.