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3 Mar 2015
Nikkei subdued on stronger yen, Sharp Corp drops 7%
FXStreet (Mumbai) - The Japanese equities index opened slightly higher following Wall Street's strong performance overnight. However, the gains were quickly wiped out on a stronger yen.
The benchmark Nikkei 225 index trades flat at 18820.50 levels, retreating from session highs of 18910.52. The index erased gains and remained muted as the yen regained strength against the US dollar on better than expectations Japanese cash earnings data.
The index trades with a negative market breadth, the advance-decline ratio being 71:148. Alps Electric Co is the top gainer rallying 4.91%, Kyowa Hakko is up 4.54%. Among the top losers, Sharp Corp is declining -7.09%, after the company plans to request capital infusion from its two main creditors, including a 150 billion debt-for-equity swap, as it prepares for a much-needed restructuring. Nisshin Steel is down -4.38%.
Nikkei Technical Levels
The index has an immediate resistance stands at 18910.52. Meanwhile, support is seen at 18700 levels and from here to 18587 levels.
The benchmark Nikkei 225 index trades flat at 18820.50 levels, retreating from session highs of 18910.52. The index erased gains and remained muted as the yen regained strength against the US dollar on better than expectations Japanese cash earnings data.
The index trades with a negative market breadth, the advance-decline ratio being 71:148. Alps Electric Co is the top gainer rallying 4.91%, Kyowa Hakko is up 4.54%. Among the top losers, Sharp Corp is declining -7.09%, after the company plans to request capital infusion from its two main creditors, including a 150 billion debt-for-equity swap, as it prepares for a much-needed restructuring. Nisshin Steel is down -4.38%.
Nikkei Technical Levels
The index has an immediate resistance stands at 18910.52. Meanwhile, support is seen at 18700 levels and from here to 18587 levels.