Japan stocks hit highest level in a month on positive Chinese data

02.12.2019 - Korneychuk Evgeniya
Japan stocks hit highest level in a month on positive Chinese data

TOKYO- Japanese shares soared on Monday with most gains in a month following data disclosure that China’s factory activity and domestic demand recuperated, relieving worries about the health of world’s second-largest economy.  

At 0150 GMT, the Nikkei index hit 1.02% to 25,531.85, brought heavily by industrial and consumer discretionary sectors’ earnings. The index reached a total of 16.38% so far this year,

Japanese shares began a positive session boosted by government data disclosing progress and positive developments in China’s manufacturing sector. This indicated that Beijing’s stimulus measures are negating slowdown.

Shares rallied following a survey showing that Chinese manufacturing sector paced the fastest progress in three years. However, the months-long trade war between Washington and Beijing still pressed as an issue.

A total of 205 gainers and 18 decliners on the Nikkei index were recorded on Monday.

Top three largest advancers were electrical equipment makers GS Yuasa Corp, Taiyo Yuden Co Ltd, and Sumitomo Electric Industries with 3.57%, 3.28%, 2.97% gains.

Biggest decliners were power cable maker Fujikura Ltd with 2.12% loss, oil refiner Idemitsu Kosan Co Ltd shedding 1.47%, and Suzuki Motor Corp with 1.15% setback.

Some Japanese shares hiked up following reports of active online sales in the United States on Black Friday last week, when firms and businesses offer discounts launching year-end shopping season.

Japanese stocks also recorded a positive performance after yen sunk to six month-low of 109.715 against the greenback. The value of yen repatriated from overseas inflating exporters’ earnings.

The Topix index soared with 0.88% gains on Monday to 1,714.30.

O.38 billion worth of volume shares was traded on the Tokyo Stock Exchange’s main board with 1.26 billion in the last 30 days.

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