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Japanese stocks edge up in choppy trade

Tuesday, 12 December 2017


Japanese stocks rose slightly on Tuesday morning in choppy trade supported by gains in financial stocks, mining shares and shippers, with investors on tenterhooks ahead of Fed policy meeting.

The Nikkei share average rose 0.1 per cent to 22,949.88 in midmorning trade, after opening flat. The broader Topix added 0.3 per cent to 1,818.16, reports Reuters.

Mining and shipping led the gains, with Inpex Corp soaring 2.6 per cent, Mitsui OSK Lines surging 2.5 per cent and Kawasaki Kisen advancing 1.7 per cent.

Shippers’ gains were supported after Baltic dry index of freight charges rose overnight to hit its highest level since January 2014.

Banking, securities and insurance stocks were also in demand. Mitsubishi UFJ Financial Group rose 1.9 per cent, Nomura Holdings gained 1.8 per cent and Dai-ichi Life Holdings was up 1.6 per cent.

On the other hand, food companies languished. Condiment maker Ajinomoto Co shed 2.2 per cent and soy sauce maker Kikkoman Corp dropped 1.4 per cent.