TOKYO, Sept 8 (Reuters) - Japanese stocks on Tuesday rose for the first time in three days as investors focused on COVID-19 vaccine developments and held on to hopes that global economic growth will continue to recover from the coronavirus crisis.
Bucking the uptrend were shares of SoftBank Group 9984.T , which slumped to a two-month low after the company bought large amounts of call options on U.S. technology stocks.
Japanese shares were buoyed by gains in U.S. stock futures during Asian trading, but some investors avoided taking big positions because U.S. financial markets were closed on Monday for Labor Day holiday.
Data, which showed the number of coronavirus infections in Tokyo are trending lower, also supported the stock market.
SoftBank Group skidded by 2.4% on Tuesday, adding to an already hefty 7.2% decline in the previous session.
The company has spent billions of dollars buying shares in technology companies such as Amazon AMZN.O and has also made significant options purchases in tech companies, sources familiar with the matter told Reuters. were 154 advancers in the Nikkei index against 67 decliners on Tuesday.
Japan's economy contracted in the first quarter more than initially reported, revised data showed earlier on Tuesday, but stocks took the downbeat numbers in their stride. volume of shares traded on the Tokyo Stock Exchange's main board .TOPX was 0.36 billion, compared with the average of 1.16 billion in the past 30 days.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.