Sea Transport Companies Help Nikkei to A Narrow Profit

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The Tokyo stock exchange made a small profit on Thursday. The major Japanese marine transportation companies, in particular, advanced on the hope that these companies will benefit from the global economic recovery from the corona crisis.

 

On the other hand, the sustained rise in the number of corona infections in Japan caused price pressure for companies that are more domestically oriented. The chairman of the Japanese ruling party LDP also warned that cancelling the Olympic Games in Tokyo is a serious option if the corona pandemic threatens to become uncontrollable.

The Japanese main index, the Nikkei 225, ended the day with a plus of 0.1 percent at 29,642.69 points. Container carriers such as Nippon Yusen, Mitsui OSK Lines and Kawasaki Kisen were among the strongest risers with more than 4 percent. Japanese banks benefited from the well-received results of American peers Goldman Sachs and Wells Fargo.

Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Nomura were up 2 percent. Toshiba won 0.9 percent. The share rose a day earlier by more than 5 percent due to reports that several parties want to take over the technology group.

The Chinese stock markets lost ground in anticipation of the first quarter’s economic growth figure, which will be released on Friday. In addition to the Chinese gross domestic product (GDP), retail sales and industrial production are also on the program on Friday.

Investors fear that strong growth in the world’s second-largest economy will lead to a further reduction in stimulus policy. The stock market in Shanghai fell by 0.8 percent, and the Hang Seng index in Hong Kong lost at least 0.9 percent. Seoul’s Kospi gained 0.4 percent after the South Korean central bank decided to leave interest rates unchanged.

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