Japanese shares edge up, trade concerns cap gains

Published: December 07, 2018 11:35:48 | Updated: December 22, 2018 11:37:37

File Photo (Collected)

Japan’s Nikkei share average snapped a three-day losing streak on Friday, drawing some relief after Wall Street shares clawed back some of their sharp losses.

Wider gains were capped, however, by resurgent concerns about the US-China trade conflict and caution ahead of the US non-farm jobs report due later on Friday.

The Nikkei was up 0.1 per cent at 21,524.02. The index has fallen 3.5 per cent so far this week, according to Reuters.

Fujitsu Ltd advanced 3.3 per cent and NEC climbed 2.7 per cent on expectations telecommunications equipment demand would increase after the Japan said it plans to ban government equipment purchases from China’s Huawei Technologies Co Ltd and ZTE Corp.

Yamato Holdings rose 2.8 per cent after the transport service company announced its delivery of small parcels increased 3.6 per cent in November from the year before.

Textile company Kurabo Industries Ltd surged 7.6 per cent after the Nikkei business daily reported that internet clothing retailer ZOZO Inc will use threads made by Kurabo for their brand of underclothing.

Petroleum product majors Inpex Corp and Japan Petroleum Exploration Co fell 1.9 per cent and 2.8 per cent, respectively, as crude oil prices slumped on OPEC’s decision to delay a final decision on output cuts.

Oil refiners Idemitsu Kosan and Showa Shell Sekiyu KK lost 4.7 per cent and 4.4 per cent, respectively.

The Tokyo Stock Exchange’s (TSE) oil and coal sub-index fell 3.4 per cent, leading the decliners.

The broader Topix inched down 0.03 per cent to 1,610.11.

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