The Stock Market in Japan Showed A Recovery After the Substantial Loss
The stock market in Japan showed recovery on Wednesday after the substantial loss the day before.
Investors revolved around the price trend on Wall Street, where the loss remained limited despite the sales warning from the American tech giant Apple. The Asian suppliers of the iPhone maker rebounded after the massive price losses on Tuesday.
The leading Nikkei in Tokyo closed 0.9 percent higher at 23,400.70 points. The day before, the Japanese main index dropped 1.4 percent. On a macroeconomic level, Japanese exports fell by 2.6 percent on an annual basis in January. The decline in exports was less substantial than economists had feared.
Apple’s Japanese suppliers were picked up again on the business front. Murata Manufacturing and Taiyo Yuden rose 2.8 and 3.3 percent respectively. The makers of chip equipment were also famous. Sumco announced a share buyback program and won 4.1 percent. Chip tester Advantest climbed 4.1 percent.
In the meantime, the stock market indicator in Shanghai gained 0.2 percent in the plus. According to Chinese state media, work has been resumed in more than 80 percent of state-owned companies after the closure due to the new coronavirus in the country.
The death toll from the virus in China has risen to 2004. The total number of infections worldwide has passed 75,000.
In Hong Kong, the Hang Seng index rose 0.4 percent and in Seoul, the Kospi fell 0.1 percent. The All Ordinaries in Sydney closed 0.4 percent higher. The Australian gold diggers were in demand thanks to an increase in the gold price. Evolution Mining climbed 5.1 percent and Newcrest won 3.3 percent.