Japanese Stocks Close Higher, SUMCO and SoftBank Soar
Japanese stocks closed higher on Friday (July 10th), driven by gains in the property, banking, and textile sectors. The Nikkei 225 index rose 1.58% at the close of trading in Tokyo.
The largest gainer came from SUMCO Corp., which surged 15.40%, or 700 points, to 5,244. SoftBank Group shares also rose 10.65% to 6,370, while Mitsubishi Motors rose 9.44% to 361.80 at the close of trading.
Meanwhile, several stocks remained under pressure. Sapporo Holdings fell 3.70% to 1,993.50, Fast Retailing weakened 3.59% to 82,110, and Ryohin Keikaku fell 3.44% to 3,623. Overall, 2,186 stocks rose on the Tokyo Stock Exchange, outnumbering the 1,344 that fell, while 217 stocks remained unchanged.
SUMCO shares were in the spotlight after hitting a five-year high. However, the Nikkei Volatility Index rose 0.39% to 43.82, its highest level in three months. This indicates that despite the index's strengthening, market participants remain cautious about the risk of volatility.
In terms of market impact, the Nikkei's strengthening signals that investor interest in Japanese stocks remains solid, particularly in sectors sensitive to economic recovery and technology. However, weakening oil prices, falling gold futures, and the USD/JPY's decline to 161.66 indicate the market remains cautious regarding the direction of the US dollar, Japanese yen, and global sentiment. If the yen continues to strengthen, Japanese exporter stocks could come under pressure, but the domestic sector could remain a market support. (asd)
Source: Newsmaker.id
