Japan Nikkei recovers on buybacks, upbeat corporate earnings

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Japanese share market finished session modestly higher on Wednesday, 03 August 2022, as investors chased for bottom fishing amid receding concerns over an escalation of U.S.-China tensions over Taiwan, with better than expected earnings from Daiken Industries and other firms also supported buying sentiments.

At closing bell, the 225-issue Nikkei Stock Average index rose by 147.17 points, or 0.53%, to 27,741.90. The broader Topix index of all First Section issues on the Tokyo Stock Exchange advanced by 5.28 points, or 0.27%, to 1,930.77.

Total 14 of 33 sectors of Tokyo Stock Exchange advanced, with Precision Instruments, Insurance, Wholesale Trade, Electric Appliances, and Machinery issues being notable gainers, while Electric Power & Gas, Real Estate, Construction, Iron & Steel, Marine Transportation, and Banks issues were notable losers.

Daikin Industries shares advanced nearly 4% as the air-conditioning systems maker lifted its outlook, while West Japan Railway rose 3.47% after posting a quarterly operating profit.

Sanrio shares surged 12.9% after the owner of Hello Kitty brand raised its outlook and dividend payout forecast.

ECONOMIC NEWS: Jibun Bank latest survey revealed that the services sector PMI rose to 50.2 in July, down from 53.0 in June, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. The survey also showed that the composite PMI fell to 50.3 in July from 54.0 in June.

CURRENCY NEWS: The Japanese yen traded at 133.06 per dollar, weaker compared to earlier in the week.

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