Japanese Market Modestly Higher

(RTTNews) - The Japanese stock market is modestly higher on Thursday, recouping the losses in the previous session, with the Nikkei 225 just below the 31,000 mark, despite the broadly negative cues from global markets overnight, boosted by gains in exporters and technology stocks. Traders also digested data that showed Japanese manufacturing activity climbed back into expansion territory in May. The benchmark Nikkei 225 Index is up 77.48 points or 0.25 percent to 30,965.36, after touching a high of 31,185.05 earlier. Japanese stocks closed sharply lower on Wednesday.

Market heavyweight SoftBank Group is surging almost 6 percent and Uniqlo operator Fast Retailing is edging up 0.3 percent. Among automakers, Toyota is gaining almost 2 percent, while Honda is edging down 0.5 percent.

In the tech space, Screen Holdings is edging up 0.1 percent and Tokyo Electron is adding almost 1 percent, while Advantest is losing more than 1 percent.

In the banking sector, Mitsubishi UFJ Financial is gaining almost 2 percent and Mizuho Financial is edging up 0.2 percent, while Sumitomo Mitsui Financial is edging down 0.1 percent.

Among the major exporters, Mitsubishi Electric is gaining 1.5 percent, Canon is adding almost 1 percent, Sony is advancing almost 2 percent and Panasonic is edging up 0.5 percent.

Among the other major gainers, Citizen Watch is surging almost 6 percent and Japan Steel Works is gaining almost 5 percent, while Fujitsu and Kajima are adding almost 4 percent each. Mitsubishi Corp. and Marui Group are up almost 3 percent each.

Conversely, Pacific Metals is losing more than 4 percent and Mitsubishi Motors is declining almost 3 percent.

In economic news, the manufacturing sector in Japan climbed back into expansion territory in May, the latest survey from Jibun Bank revealed on Thursday with a manufacturing PMI score of 50.6. That's up from 49.5, and it moves 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 139 yen-range on Thursday.

On Wall Street, stock ended weak on Wednesday after languishing in negative territory right through the day's session. The weakness in the market came as traders kept a close eye on developments regarding the bill to raise the U.S. debt ceiling and avoid potentially disastrous default.

The major averages all ended with moderate losses despite coming off the day's lows. The Dow ended the session at 32,908.27 with a loss of 134.51 points or 0.41 percent. The S&P 500 settled with a loss of 25.69 points or 0.61 percent at 4,179.83, while the Nasdaq ended down 82.14 points or 0.63 percent at 12,935.29.

The major European markets also showed significant moves to the downside on the day. The U.K.'s FTSE 100 ended 1.01 percent down, while Germany's DAX and France's CAC 40 both lost about 1.55 percent.

Crude oil prices fell sharply on Wednesday as worries about fuel demand resurfaced, while a stronger dollar also weighed on oil prices. West Texas Intermediate Crude oil futures for July slumped $1.37 or 2 percent at $68.09 a barrel.