Japan Nikkei recovers on buybacks, upbeat corporate earnings

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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