Nikkei Rallies on Hopes for Early End to Iran Conflict

Tokyo, March 10 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average bounced back Tuesday after the previous day’s tumble, reflecting hopes for an early end to the ongoing U.S.-Israeli military operations against Iran. The index of 225 select issues listed on the Tokyo Stock Exchange’s Prime section ended the day’s session at 54,248.39, up 1,519.67 points, or 2.88 pct, from Monday. After the key index experienced its third-largest daily drop of 2,892.12 points Monday, mainly due to concerns over soaring crude oil prices, market players rushed to buy back a wide range of issues Tuesday, helping the Nikkei average gain nearly 2,000 points temporarily. Market sentiment brightened following a plunge in crude oil prices after U.S. President Donald Trump said that the military operations were almost over. Still, an official of a midsize securities house said, “The Nikkei average may experience another tumble, given that the armed conflict itself hasn’t been resolved.” “Although the Tokyo stock market may stage another rebound if the soaring crude oil prices show clear signs of topping out, its moves will still continue to depend on the Middle East situation,” a major securities company official said. END [Copyright The Jiji Press, Ltd.]