TOKYO (dpa-AFX) - The Japanese stock market is modestly higher on Monday after being in the red most of the morning session, extending the gains in the previous session, with the Nikkei 225 moving above the 27,800 level, despite the broadly negative cues from Wall Street on Friday, with local energy stocks tracking higher crude oil prices.
The benchmark Nikkei 225 Index is up 82.69 points or 0.30 percent at 27,844.26, after touching a high of 27,855.96 and a low of 27,523.95 earlier. Japanese shares ended sharply higher on Friday.
Market heavyweight SoftBank Group is losing more than 1 percent, while Uniqlo operator Fast Retailing is adding almost 1 percent. Among automakers, Honda and Toyota are losing almost 1 percent each.
In the tech space, Advantest is edging down 0.2 percent, while Tokyo Electron and Screen Holdings are edging up 0.3 to 0.4 percent each. In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are edging down 0.3 to 0.5 percent each, while Mitsubishi UFJ Financial is losing almost 1 percent.
The major exporters are mostly lower, with Panasonic losing more than 1 percent, Mitsubishi Electric down almost 1 percent and Sony slipping almost 2 percent, while Canon is gaining almost 1 percent.
Among the other major gainers, Kawasaki Heavy Industries is surging almost 6 percent and Hitachi Zosen is gaining more than 5 percent, while Kobe Steel and West Japan Railway are adding almost 4 percent each. East Japan Railway and Japan Steel Works are up more than 3 percent each, while Idemitsu Kosan, Keisei Electric Railway, Tobu Railway, Teijin, Keio, ANA Holdings and ENEOS Holdings are rising almost 3 percent each.
Conversely, Dentsu Group is losing almost 4 percent, while Z Holdings and Recruit Holdings are down more than 3 percent each. Taiyo Yuden and TDK are declining almost 3 percent each.
In the currency market, the U.S. dollar is trading in the higher 130 yen-range on Monday.
On Wall Street, stocks moved sharply lower during trading on Friday, largely offsetting the rally seen over the course of the previous session. The major averages all showed notable moves to the downside, with the tech-heavy Nasdaq showing a particularly steep drop.
The major averages finished the session near their worst levels of the day. While the Nasdaq plunged 304.16 points or 2.5 percent to 12,012.73, the S&P 500 tumbled 68.28 points or 1.6 percent to 4,108.54 and the Dow slumped 348.58 points or 1.1 percent to 32,899.70.
The major European markets also moved to the downside on the day, with the U.K. markets still closed for the Queen's Platinum Jubilee celebrations. The German DAX Index and the French CAC 40 Index both edged down by 0.2 percent.
Crude oil prices climbed higher Friday on expectations of increased demand even as OPEC decided to increase output. Stronger than expected U.S. non-farm payroll employment in May also offered support. West Texas Intermediate Crude oil futures for July ended higher by $2.00 or 1.7 percent at $118.87 a barrel.
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