Nikkei finishes for the first time in five months over 22,000

Stocks inched on Tuesday, with the Nikkei 225 benchmark closing for the first time in about five months on average above 22,000.
The Nikkei rose 13.03 points, or 0.06 percent, to finish at 22.001.32, climbing for the 10th straight trading day and achieving the longest winning streak since October 2017’s 16-session rise. April 26 was the last time the Nikkei finished over 22,000.
The key market gauge jumped 228.68 points on Friday. For a national holiday, the market was closed on Monday.
The Topix, covering all issues listed in the first section of the TSE, closed 4.71 points, or 0.29 percent, higher at 1.614.58, extending its winning streak to eight days after a 14.77-point gain on the previous trading day.
After starting down, pulled down by a drop overnight on Wall Street, both indexes in midmorning trading rose to the positive side thanks to bargain hunting.
The slump in the U.S. market reflected concerns about a slowdown in the Chinese economy following Saturday’s release of weaker economic indicators than expected and drone attacks on Saudi Arabia’s crude oil facilities.
While the Topix remained in the other territory, the Nikkei fluctuated for the remainder of the day around Friday’s closing level. Brokers said that a slight yen-to-dollar weakening also supported the Tokyo market’s underside.
The Fed will conclude at a meeting of the Federal Open Market Committee after a surge in the New York crude oil future prices Monday, due to drone attacks. Marketers are expected to remain aloof until Wednesday, said Tomoaki FujiĆ­, Chief of Investment Research at Akatsuki Securities Inc.
In the first section, rising issues outnumbered 1,250 to 792, while 109 issues remained unchanged.
Oil names have attracted purchases of crude petroleum futures from Monday, with Japex jumping by 9.71%, 7.89% and JXTG by 4.64%.
Buying on dips before the FOMC meeting and the two-day policy-setting meeting of the Bank of Japan starting Wednesday attracted financial issues, market sources said. Gainers included the Mitsubishi UFJ and Mizuho mega-bank groups.
Fast Retailing and realtor Mitsui Fudosan were among the main winners. Technology investor SoftBank Group and industrial robot manufacturer Fanuc were also on the negative side.

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