RTTNews - The stock market in Japan ended in positive territory on Thursday following gains in Chinese market, which plunged and dragged the indices lower across the Asian markets in the previous session. Positive rating changes in airline and automotive stocks by analysts' also lifted market sentiment.
The benchmark Nikkei 225 Index ended at 10,383. representing a gain of 179.41 points, or 1.76%, while the broader Topix index of all first section stocks gained 15.34 points, or 1.63%, to 959.
Light sweet crude oil price for September delivery ended at $72.75 a barrel in electronic trading, up $0.33 from its previous close at $72.42 a barrel in New York on Wednesday.
Most of the stocks ended in positive territory on increasing optimism about recovery prospects in the global economy following positive closing on Wall Street on Wednesday.
All Nippon Airways gained 4.40% after Mitsubishi UFJ Financial raised the rating for the airliner to outperform from market perform stating that the airliner will report earnings growth from 2010 and further. Japan Airlines Corp. advanced 1.20%.
Automotive stocks also ended higher on expectations of recovery. Toyota Motor Corp. gained 1.23%, Honda Motor advanced 1.93%, Hino Motors surged up 5.11% and Isuzu Motors rose 5.35%.
Trading companies advanced on bargain hunting at lower levels. Toyoto Tsusho Corp. rose 2.82%, Mitsui & Co., advanced 1.97%, Mitsubishi Corp added 0.69%, Sumitomo Corp. gained 1.91% and Itochu Corp. increased 2.15%.
In banking space, Sumitomo Mitsui Financial gained 2.80%, Mitsubishi UFJ Financial added 1.03%, Mizuho Financial advanced 1.79% and Resona Holding edged up 0.08%.
Oil companies advanced on higher crude oil prices. Nippon Oil Corp. gained 1.92%, Showa Shell advanced 1.14% and Nippon Mining rose 2.77%.
In the U.S., stocks recovered from early weakness and ended notably higher on Wednesday, driven by a report indicating a jump in oil demand. The Dow closed up by 61.22 points or 0.7% at 9,279, the Nasdaq climbed by 13.32 points or 0.7% to 1,969 and the S&P 500 rose by 6.79 points or 0.7% to 996.
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