TOKYO (dpa-AFX) - The Japanese stock market is modestly higher on Thursday, recouping some of the losses in the previous session, with the benchmark Nikkei 225 moving above the 26,500 level, following the broadly positive cues overnight from Wall Street, as most sectors rebounded after the recent sell-off amid the escalation of the Russia-Ukraine crisis.
Meanwhile, traders continue to be concerned about the domestic new coronavirus infections, though on a steady decline and off record highs. The government is set to extend its COVID-19 quasi-emergency measures for at least 14 prefectures, including Tokyo, Osaka and Aichi, until March 21. Currently, 31 of the country's 47 prefectures are in the quasi-emergency stage, which is scheduled to expire Sunday.
The benchmark Nikkei 225 Index is losing 132.21 points or 0.50 percent to 26,525.24, after touching a high of 26,628.87 earlier. Japanese shares ended sharply lower on Wednesday.
Market heavyweight SoftBank Group is losing almost 1 percent, while Uniqlo operator Fast Retailing is edging up 0.2 percent. Among automakers, Toyota and Honda are gaining more than 1 percent each.
In the tech space, Advantest is flat, while Screen Holdings is edging up 0.2 percent and Tokyo Electron is gaining almost 1 percent.
In the banking sector, Mizuho Financial, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are gaining more than 3 percent each.
The major exporters are higher. Sony is gaining more than 1 percent and Canon is adding almost 2 percent, while Mitsubishi Electric and Panasonic are up almost 1 percent each.
Among the other major gainers, Mazda Motor is gaining almost 6 percent, while Toho Zinc and Idemitsu Kosan are adding more than 5 percent each. Isuzu Motors, Mitsubishi Motors and Ricoh are up almost 5 percent each, while Dai-ichi Life Holdings is rising more than 4 percent. Komatsu, Pacific Metals, Tokyo Electric Power, Isetan Mitsukoshi, Mitsui, Marubeni and Sojitz are all advancing almost 4 percent each.
Conversely, there are no major losers.
In economic news, the services sector in Japan continued to contract in February, and at an accelerate rate, the latest survey from Jibun Bank showed on Thursday with a services PMI score of 44.2. That's down from 47.6 in January, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction. The survey also showed that the composite index fell to 45.8 in February from 49.9 in January.
In the currency market, the U.S. dollar is trading in the higher 115 yen-range on Thursday.
On Wall Street, stocks moved sharply higher during trading on Wednesday, offsetting the steep drop seen in the previous session. The major averages all showed substantial moves back to the upside on the day.
The major averages held on to strong gains going into the close. The Dow shot 596.40 points or 1.8 percent at 33,891.35, the Nasdaq jumped 219.56 points or 1.6 percent to 13,752.02 and the S&P 500 spiked 80.28 points or 1.9 percent to 4,386.54.
The major European markets all also moved to the upside on the day. While the German DAX Index advanced by 0.7 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index jumped by 1.4 percent and 1.6 percent, respectively.
Crude oil prices climbed higher on Wednesday, extending gains amid concerns about global crude supplies due to the ongoing Russia-Ukraine conflict and data showing a drop in U.S. crude inventories. West Texas Intermediate Crude oil futures for April ended higher by $7.19 or 7 percent at $110.60, the highest settlement since May 2011.
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