Nikkei Jumps 3% Led by Real Estate and Banking
Japanese stocks closed higher on Tuesday (March 10), with the Nikkei 225 Index rising 3.00%, led by the real estate, banking, and textile sectors. The broad-based gains were reflected in the dominance of advancing stocks on the Tokyo Stock Exchange, with 3,318 stocks advancing versus 400 declining, while 99 were unchanged.
The most notable gains came from certain technology and industrial stocks. Lasertec surged 14.53% to 34,770, followed by Sumitomo Electric, which rose 8.83% to 9,931, and Furukawa Electric, which rose 8.52% to 27,455, indicating strong buying interest in large-cap and cyclical stocks.
On the other hand, several issuers weakened despite the index's gains. Rohm fell 5.15% to 3,295, Shift weakened 4.13% to 715.50, and Nitori fell 2.96% to 2,803, indicating continued sector rotation amidst an uneven rally.
Despite the strengthening equities, market risk measures also increased. The Nikkei Volatility Index rose 38.86% to 57.00, hitting a new six-month high. This increase in volatility indicates that market participants are still placing a hedging premium despite rising stock prices, in line with the still-fluctuating global conditions.
Commodity markets also played a significant role in the session. WTI oil fell 6.12% to US$88.97 per barrel and Brent fell 6.01% to US$93.01, while gold rose 1.63% to US$5,186.76 per troy ounce. In the currency market, USD/JPY fell 0.13% to 157.56 and EUR/JPY fell 0.09% to 183.31, with US Dollar Index futures weakening 0.48% to 98.69. (alg)
Source: Newsmaker.id
