RTTNews - The stock market in Japan ended in positive territory with marginal gains amid volatile trading. Bargain hunting at lower levels and weaker yen helped the stocks rebound from the day's low, while commodity-related stocks declined following drop in commodity prices in the international market.
The benchmark Nikkei 225 Index gained 16.35 points, or 0.16% to close at 10,285, while the broader Topix index of all first section stocks edged up 0.07 points, or 0.01%, to 950.
On the economic front, the Cabinet Office, in a final report, revised upward the leading and coincident indices for June. The leading index stood at 79.9 in June, revised up from 79.8 estimated on August 6, and was also higher than the reading of 76.9 in May. The coincident index was revised up to 88 from 87.8 estimated previously, and came in higher than the 87.1 in May. The lagging index was also revised upward, to 83.4 from 83.3 reported earlier.
Light sweet crude oil price for September delivery ended at $66.96 a barrel in electronic trading, up $0.21 from its previous close $66.75 a barrel in New York on Monday.
Japan's largest mobile-phone operator, NTT DoCoMo gained 2.45% after an analyst of Mizuho Financial raised the rating of the stock from Hold to Strong Buy attributing strong earnings in the usage of Internet.
Automotive stocks ended higher on weaker yen. Toyota Motor Corp. gained 0.75%, Honda Motor added 0.33%, Suzuki Motor advanced 0.89% and Isuzu Motor rose 0.55%.
Trading stocks declined following drop in commodity prices in the international market. Mitsubishi Corp. fell 2.97%, Toyota Tsusho Corp. lost 1.01% and Mitsui & Co., slipped 0.73%.
Oil stocks also ended in negative territory on lower crude oil prices. Nippon Oil Corp. declined 0.75%, Showa Shell slipped 0.51% and Nippon Mining Holdings edged down 0.41%.
Mixed trading was witnessed among the banking stocks. While Resona Holdings edged up 0.15% and Mitsubishi UFJ Financial Group added 0.34%, Mizuho Financial fell 1.32% and Sumitomo Mitsui Financial edged down 0.25%.
In the U.S., stocks witnessed a sharp pull-back on concerns that the health of the consumer is still weak and the market rallied despite weak fundamentals, especially persistent worries in housing and job markets. A report from the Federal Reserve Bank of New York showing that conditions for New York manufacturers improved for the first time in well over a year in the month of August partially offset the weak sentiment.
The Dow closed down by 186.06 points or 2% at 9,135, the Nasdaq fell by 54.68 points or 2.8% to 1,931 and the S&P 500 slipped by 24.36 points, or 2.4% percent to 980.
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