Japanese Stocks Slip After Impressive Gains In Last Session

18 Jan 2022 , 01:05 PM

The Japanese stock market slipped today amid rising Covid-19 cases after witnessing a good recovery in last session. The stocks had soared with benchmark Nikkei 225 index jumping more than 2% on good bargain buying at near six week low. Some selling emerged in the index leading counters today on lack of cues from Wall Street overnight and the rapid spread of the coronavirus omicron variant. Japan has reported more than 20,000 new daily cases for the fourth straight day. The benchmark Nikkei 225 Index closed down 0.27% at 28257 today, giving up bulk of the gains in second half of the session after hitting above 28600 mark.

Meanwhile, economic cues were upbeat, pushing up the index in early hours of trade. Japans industrial production gained 7.0% on month in November, accelerating sharply from a 1.8% rise in the previous month. This marked the second straight month of increase in industrial output and the strongest growth on record, with contribution from the production of motor vehicles leading the way as it benefited from a recovery in global parts supply, followed by that from plastic products and iron, steel and non-ferrous metals. On a yearly basis, industrial output soared 5.1% in November, the first yearly increase in the three months, after a 4.1% drop in October.

Powered by Capital Market – Live News