TOKYO (dpa-AFX) - The Japanese market is declining on Monday, as it re-opened after a public holiday on Friday when its Asian peers succumbed to heavy selling pressure. Investors shrugged off better-than-expected Japanese GDP data.
In late-morning trades, the benchmark Nikkei 225 Index is losing 184.24 points or 0.93 percent to 19,545.50, off a low of 19,486.48 earlier.
Among the major exporters, Sony, Mitsubishi Electric and Panasonic are losing more than 1 percent each, while Canon is down 1 percent.
Among automakers, Toyota is declining almost 1 percent and Honda is lower by more than 1 percent. In the banking sector, Mitsubishi UFJ Financial is losing almost 2 percent and Sumitomo Mitsui Financial is down more than 1 percent.
In the oil space, Inpex is edging down less than 0.1 percent and Japan Petroleum Exploration is lower by more than 1 percent.
Among the other major gainers, Hokuestu Kishu Paper is rising almost 4 percent and Oji Holdings is advancing almost 2 percent.
On the flip side, Citizen Watch is losing more than 9 percent, Chiyoda Corp. is losing almost 7 percent and JFE Holdings is down more than 3 percent.
On the economic front, the Cabinet Office said in a preliminary reading that Japan's gross domestic product advanced 1.0 percent on quarter in the second quarter of 2017. That beat forecasts for a gain of 0.6 percent following the upwardly revised 0.4 percent increase in the three months prior.
In the currency market, the U.S. dollar is trading in the mid 109 yen-range on Monday.
On Wall Street, stocks regained ground on Friday following the sell-off seen in the previous session, partly due to bargain hunting. Positive sentiment was also generated by a report from the Labor Department showing just a modest uptick in consumer prices in the month of July.
The Nasdaq climbed 39.68 points or 0.6 percent to 6,256.56, the Dow inched up 14.31 points or 0.1 percent to 21,858.32 and the S&P 500 edged up 3.11 points or 0.1 percent to 2,441.32.
The major European saw further downside on Friday. While the German DAX Index closed just below the unchanged line, the U.K.'s FTSE 100 Index and the French CAC 40 Index both tumbled by 1.1 percent.
Crude oil futures rose Friday, trimming weekly losses after a report showed global oil demand is rebounding. September WTI oil added $0.23 or 0.5 percent to settle at $48.82 a barrel on the New York Mercantile Exchange.
Copyright RTT News/dpa-AFX