Nikkei 225 Higher, As Sentiment Remains Fragile
Asian equities finished mixed while Nikkei 225 ended 0.96% higher at 20,456.08 as investors sentiment remains fragile amid a global slowing economy. The Hang Seng trading 0.26 per cent lower at 25,612, the Singapore Straits Times index finished 0.28 per cent higher at 3,074 and the Shanghai composite ended 1,42 per cent higher to 2,904. Aussie stocks finished higher, the ASX ended 0.38% higher at 6,464.
Nikkei 225 finished 0.96% higher at 20,456 after Japan’s Finance Minister Taro Aso in an interview noted the importance of a stable exchange rate. Japan Corporate Service Price (year over year) came in at 0.5% below forecasts of 0.6% in July.
Nikkei 225 getting a boost from Subaru +4.93%, Nippon Express +3.66% and Konica Minolta +3.19%. On the other hand Toto -2.05%, Sumitomo -1.82% and Rakuten -1.49%.
The Nikkei index rebound sharply today from seven-month lows above the strong support at 20,330. On the downside, immediate support stands at 20,439 today’s low and then at 20,200 the low from August 15th. A break below that level might accelerate the selloff below the 20,000 mark. On the upside resistance for the Nikkei 225 stands at 20,529 today’s high and then at 21,179 the 50 day moving average.
In Asian forex markets USDJPY trading 0.89% lower at 105.68, the Aussie dollar trades 0,36% lower against the greenback at 0.6751, while Kiwi trades 0.42% lower at 0.6363 versus USD. Gold trades higher at 1,533, while crude oil is 0.60% higher at $53.96 per barrel.