Japan Nikkei rebounds on bargain hunting

Japan share market finished session modestly higher on Monday, 04 July 2022, snapping three day's loosing streak, thanks to bargain hunting on recently battered shares. On the top-tier Prime Market, gainers were led by electric power and gas, wholesale trade, and service issues.

However, market gains capped as investor sentiment remained muted due to the widespread fears of a global economic slowdown and ahead of Monday's Independence Day holiday in the United States.

At closing bell, the 225-issue Nikkei Stock Average advanced 218.19 points, or 0.84%, to 26,153.81. The broader Topix index of all First Section issues on the Tokyo Stock Exchange inclined 24.67 points, or 1.34%, to 1,869.71.

Shares of utilities led market rally, with Tokyo Electric Power Company rising nearly 13% amid surging demand due to worst heat waves in Japan.

Shares of technology giant SoftBank Group rallied 3% in the wake of reports that Fortress Investment Group, part of the Softbank group of funds, is now the frontrunner in negotiations to acquire Seven & I Holdings' struggling department store unit Sogo & Seibu.

Department store owner J. Front Retailing shares plunged 5.6% after reporting disappointing sales figures for its Daimaru and Matsuzakaya stores. Isetan Mitsukoshi Holdings lost 4.2% and Takashimaya declined 2.3%.

KDDI Corp shares closed 1.7% down as the mobile operator experienced widespread network issues over the weekend.

CURRENCY NEWS: The Japanese yen traded at 135.44 per dollar, strengthening from levels as weak as 137 per dollar last week.

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