Japanese Market Modestly Higher

(RTTNews) - Extending the gains in the previous four sessions, the Japanese market is modestly higher on Thursday, following the mostly positive cues from global markets overnight. The Nikkei 225 is moving above the 40,700 level, with gains across most sectors led by index heavyweights and technology stocks.

The benchmark Nikkei 225 Index is up 143.78 points or 0.35 percent to 40,724.54, after touching a high of 40,861.35 earlier. Japanese shares ended sharply higher on Wednesday.

Market heavyweight SoftBank Group is gaining more than 1 percent, while Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Toyota is gaining more than 1 percent and Honda is adding more than 2 percent.

In the tech space, Advantest is gaining almost 2 percent, while Tokyo Electron and Screen Holdings are adding almost 2 percent each.

In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are gaining more than 1 percent each, while Mitsubishi UFJ Financial is adding almost 1 percent.

Among the major exporters, Canon and Mitsubishi Electric are losing almost 1 percent each, while Sony and Panasonic are edging up 0.3 to 0.4 percent each.

Among other major gainers, Sumitomo Metal Mining is surging more than 6 percent, while Renesas Electronics and Yamaha Motor are gaining more than 4 percent each. Mitsui Mining & Smelting and Mitsubishi Materials are adding almost 4 percent each. IHI, Kyowa Kirin and Mitsubishi Estate are advancing more than 3 percent each. Sumitomo Realty & Development and Mazda Motor are up almost 3 percent each.

Conversely, Kawasaki Heavy Industries is losing almost 6 percent and Eisai is declining almost 3 percent.

In the currency market, the U.S. dollar is trading in the lower 161 yen-range on Thursday.

On Wall Street, stocks saw further upside over the course of the trading session on Wednesday after moving mostly higher to start the week. With the continued upward move, the Nasdaq and the S&P 500 once again reached new record closing highs in an abbreviated trading session.

The Nasdaq advanced 159.54 points or 0.9 percent to 18,188.30 and the S&P 500 climbed 28.01 points or 0.5 percent, although the narrower Dow bucked the uptrend and edged down 23.85 points or 0.1 percent to 39,308.00.

Meanwhile, the major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index climbed by 0.6 percent, the German DAX Index and the French CAC 40 Index both shot up by 1.2 percent.

Crude oil prices climbed higher on Wednesday after data showed a much larger than expected drop in U.S. crude inventories last week, while a weaker dollar also lent support. West Texas Intermediate Crude oil futures for August ended up by $1.07 at $83.88 a barrel.