5 Mar 2015
Nikkei rebounds from China-induced losses
FXStreet (Mumbai) - The Japanese equities index opened with a negative gap of 61 points tracking the weak cues overnight from Wall Street and as China, the world's second-largest economy, lowered its economic growth forecast for 2015 to about 7%. However, the index rebounded from lows and edged slightly higher on the back of a weaker yen.
The benchmark Nikkei 225 index trades higher by 0.19% at 18740.56 levels, retreating from session lows of 18655.36. The index fought back losses and turned in green as the yen gave away gains and fell against the US dollar, providing some relief to the exporters’ stocks.
The index trades with a negative market breadth, the advance-decline ratio being 103:110. Eisai Co is the top gainer rallying 6.88%, Taiyo Yuden is up 5.03%. Among the top losers, Suzuki Motor Corp is down -3.57%. While, Olympus Corp is lower by almost 3.49% as further details emerged of its plans to request capital infusion from its two main creditors.
Nikkei Technical Levels
The index has an immediate resistance stands at 18790. Meanwhile, support is seen at 18586 levels and from here to 18500 levels.
The benchmark Nikkei 225 index trades higher by 0.19% at 18740.56 levels, retreating from session lows of 18655.36. The index fought back losses and turned in green as the yen gave away gains and fell against the US dollar, providing some relief to the exporters’ stocks.
The index trades with a negative market breadth, the advance-decline ratio being 103:110. Eisai Co is the top gainer rallying 6.88%, Taiyo Yuden is up 5.03%. Among the top losers, Suzuki Motor Corp is down -3.57%. While, Olympus Corp is lower by almost 3.49% as further details emerged of its plans to request capital infusion from its two main creditors.
Nikkei Technical Levels
The index has an immediate resistance stands at 18790. Meanwhile, support is seen at 18586 levels and from here to 18500 levels.