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11 May 2015
Nikkei rallies on China rate cut
FXStreet (Mumbai) - The Japanese equities index started the week on a stronger footing rising higher on Chinese latest round of stimulus measure which boosted investor sentiment in the region. The People's Bank of China (PBoC) said Sunday that it will cut the benchmark interest rate by 25 basis points, effective Monday.
The benchmark Nikkei 225 index trades higher by 1.21% at 19613.56, hovering close to fresh session highs at 19679.63 levels. The Japanese stocks edged higher today tracking positive lead from Wall Street while China rate cut kept the gains intact.
The index trades with a positive market breadth, the advance-decline ratio being 185:38. Mitsui Mining edges 12.11% higher, followed by Fujikura Ltd up nearly 10.56%.
Among the top losers, Sharp Corp is down -24.81%. Sharp plunged more than 20% after the electronics giant reportedly said it was going to reduce capital in efforts to trim its tax bill. While Toshiba Corp is down –16.55% after an accounting error made the company withdraw its current dividend and scrap its current forecasts.
Nikkei Technical Levels
The index has an immediate resistance stands at 19800. Meanwhile, support is seen at 19500 levels and from here to 19250 levels.
The benchmark Nikkei 225 index trades higher by 1.21% at 19613.56, hovering close to fresh session highs at 19679.63 levels. The Japanese stocks edged higher today tracking positive lead from Wall Street while China rate cut kept the gains intact.
The index trades with a positive market breadth, the advance-decline ratio being 185:38. Mitsui Mining edges 12.11% higher, followed by Fujikura Ltd up nearly 10.56%.
Among the top losers, Sharp Corp is down -24.81%. Sharp plunged more than 20% after the electronics giant reportedly said it was going to reduce capital in efforts to trim its tax bill. While Toshiba Corp is down –16.55% after an accounting error made the company withdraw its current dividend and scrap its current forecasts.
Nikkei Technical Levels
The index has an immediate resistance stands at 19800. Meanwhile, support is seen at 19500 levels and from here to 19250 levels.