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Tech Companies Help Nikkei Make Small Profits

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The Tokyo stock exchange posted a small gain on Monday. Investors were processing last Friday’s US jobs report, which showed that the labour market of the world’s largest economy created fewer jobs than expected last month.

 

As a result, concerns about overheating of the economy and a faster rate hike have eased. Technology companies, in particular, benefited from the easing of interest rate fears. However, disappointing growth in Chinese exports limited profits.

Japan’s main index, the Nikkei 225, ended 0.2 percent in the plus at 29,004.27 points. Tech companies such as Ibiden and TDK were among the strongest climbers with more than 3 percent gains. The sea transport companies also did well in the hope of a strong recovery in the global economy.

Nippon Yusen climbed more than 2 percent to the highest level in twelve years. However, the Japanese steel companies were sold after the recent strong boom in the sector. Nippon Steel fell 6 percent, and JFE Holdings lost 7 percent.

The stock market indicator in Shanghai was almost flat in the meantime, and the Hang Seng index in Hong Kong fell 0.6 percent. Chinese exports rose by almost 28 percent in May, while economists had expected a growth of about 32 percent.

The country’s imports rose by 51.1 percent due to the sharp rise in raw material prices. That was the most substantial increase in ten years. The stock market in India has fluctuated around a new record level on the hope of more easing in the country as the number of corona infections decreases.

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