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Japanese shares jump 1.5% as China rebound hopes boost shippers, steelmakers

Published 07/06/2020, 10:56 AM
Updated 07/06/2020, 11:00 AM
© Reuters.
JP225
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TOPX
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7201
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3086
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3382
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9984
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G03
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ISHIP.T
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ISTEL.T
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TOKYO, July 6 (Reuters) - Japanese shares rose on Monday as
signs of an economic rebound in China boosted shippers and
steelmakers, while investor concerns about a spike in U.S.
COVID-19 cases were offset by prospects of policy support to
sustain the recovery.
Japan's Nikkei share average .N225 rose 1.52% to
22,640.46, hitting its highest levels in nearly two weeks.
The broader Topix .TOPX gained 1.32% to 1,572.21.
The sectors that have been hit by the pandemic and are
perceived to be the most sensitive to demand in China topped the
list of best performers as Chinese shares soared to five-year
highs on hopes of a recovery in the world's second-largest
economy. MKTS/GLOB
Most markets had gained ground last week as a raft of
economic data from June beat expectations.
Shippers .ISHIP.T jumped as much as 3.4%, while airline
companies .IAIR.T gained 2.4%, partly on hopes that countries
could start allowing international travels, given that the
pandemic is relatively contained in some Asia Pacific countries.
Steelmakers .ISTEL.T also gained 2.1%.
Retailers also gained, with department store operator
J.Front Retailing 3086.T advancing 6.1% and Seven&i 3382.T
up 2.3%.
Nissan Motor 7201.T gained 4.4% after the carmaker posted
brisk sales in China, the world's biggest auto market, last
month. Softbank Group 9984.T rose 2.2% to a 14-month high, helped
by hopes of share buybacks and short-sellers' position
unwinding.
GungHo 3765.T extended its solid bull run since last week,
rising 4.4% to hit a near-seven-month high on hopes of increased
demand for a new game.
While rising virus cases in the United States are seen as a
threat to the global economic recovery, investors are sticking
to hopes that a gradual economic recovery could continue with
steady policy support.


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