Japan Market ends up; weaker GDP caps upside move

15 Nov 2022 , 02:44 PM

Japanese share market finished session tad higher on Tuesday, 15 November 2022, as positivity from sound corporate earnings results helped to offset the negative impact of weaker than expected Japanese GDP data. At closing bell, the 225-issue Nikkei Stock Average index added 26.70 points, or 0.1%, to 27,990.17. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 7.32 points, or 0.37%, to 1,964.22. Total 25 of 33 TSE sectors closed up, with Nonferrous Metals (up 2.4%), Iron & Steel (up 2.3%), Banks (up 2.3%), Marine Transportation (up 1.9%), Pulp & Paper (up 1.8%), and Pharmaceutical (up 1.4%) issues being notable gainers. Trade lacked a sense of direction as falls in US shares weighed on the market, while individual shares with strong earnings results were bought. Banks and pharmaceuticals closed higher, with Sumitomo Mitsui Financial Group soaring 4.2% to 4,468 yen after it raised its full-year net profit forecast, and Takeda Pharmaceutical rallying 1.3% to 3,839 yen. ECONOMIC NEWS: Japans economy unexpectedly shrank for the first time in a year in the third quarter. Gross domestic product fell an annualized 1.2% in July-September, compared with revised 4.6% rise in the second quarter, according to preliminary figures released by the cabinet office on Tuesday. The data translated to a real quarterly drop of 0.3 per cent, after three consecutive quarters of growth. Private consumption, which accounts for more than half of Japans $5 trillion economy, rose 0.3%, well below the previous quarters 1.2% gain. Export growth of 1.9 per cent was widely outpaced by a 5.2 per cent rise in Japans imports bill, reflecting the weaker yen and trade environment. CURRENCY NEWS: The dollar fetched 140.19 yen in Asian trade, against 139.90 yen in New York late Monday.Powered by Capital Market – Live News