Japan’ Nikkei Ends Monday's Trading Session in the Red with Minor Loss
The Senior Investment Strategist at Mitsubishi, Norihiro Fujito, stated that “the market will stay trapped in its recent range until the earnings season kicks off early” and traders are looking for early signs regarding the global supply chain in U.S corporate results which will be revealed before the Japanese earnings.
Also, Fujito expressed that a solid impact of these can only be fully priced in where the figures are made known and that the volumes will still remain thin. Analyzing the long term effects of the earth-quake on Japan’s shares, trading volume have dropped to the lowest with not less than 2 million shares changing hand on the Tokyo stock exchange main board and 2.6 billion shares traded daily on average last week.
Japan's Nikkei average slipped on Monday after Citigroup reduced the sell ratings on automakers to sell. However, buying reconstruction- and oil-related stocks after the quake helped the Nikkei stay above its closely watched 25-day moving average at 9,677.
This was broken last Friday for the first time. Regardless of the previous session hit, Nikkei has again taken over 2/3 of the ground lost since the disaster. Moreover, its benchmark index closed at 0.5% on Monday and immediate resistance looms at Nikkei's 200-day moving average at 9,816, which the market has unsuccessfully tested twice since the quake.
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