Japan Shares Snapped Slight Gains By The End of Asian Session

Japanese stocks made slight gains today, Wednesday, to record up for the fifth consecutive day, but lacked momentum in light of the uncertainty surrounding the global inflation situation and the local cases of coronavirus, which discourages investors from testing major resistance levels on the upside.

The Nikkei index rose 0.31% to 28,642.19 points to continue its recovery from its lowest level in four months that it fell to earlier this month, but it met with resistance more than once at current levels, including the 25-day average at 28,717 points and the 100-day average at 28,933 points. .

The broader Topix index rose 0.06% to 1920.67 points.

Despite the weak gains in the index, only about a third of the shares rose, while nearly two thirds fell on the main index.

Among the winners, Recruit Holdings Inc, which rose 2.6%, extending gains since the company’s results were announced this month.

Internet company Z Holdings rose 3.4% in large trading, while Panasonic shares rose 3.6%.

On the other hand, steel stocks fell in light of profit-taking sales following strong gains since the beginning of the year, Nippon Steel shares fell 4.4% and Kobe Steel fell 3.5%.