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JAPAN PETROLEUM EXPLORATION CO., LTD.

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Japan's Nikkei reverses course to end higher, COVID-19 concerns cap gains

11/22/2021 | 01:55am EST

TOKYO, Nov 22 (Reuters) - Japan's Nikkei share average gave up losses to close higher on Monday as investors bought cheaper stocks, while concerns on return of COVID-19 restrictions in Europe capped gains.

The Nikkei share average ended up 0.09% at 29,774.11, after losing as much as 0.68% earlier in the session. The broader Topix slipped 0.34% to 2,042.82.

"The reverse of the Nikkei was a bit of a surprise," said Kentaro Hayashi, senior strategist at Daiwa Securities.

"Investors bought the shares on dips as they had a second look at Japanese stocks, which are relatively cheap compared with the U.S. shares."

The Japanese market opened lower, tracking the previous session's fall in the Dow due to pandemic jitters.

Broader investor sentiment was also hit as Austria announced new restrictions to deal with rising infections, while there were fears Germany could follow suit.

The Nikkei changed its course after U.S. futures advanced in Asian trading hours. Heavyweight Uniqlo clothing store operator Fast Retailing rose 0.47% each.

Chip-related heavyweights Advantest and Tokyo Electron tracked the surge in the Nasdaq Composite Index in the previous session, rising 0.96% and 0.35%, respectively.

Oil explorers weighed on the market as COVID-19 worries sent oil prices lower, with Inpex losing 4.47% and Japan Petroleum Exploration slipping 0.35%.

Shares that would benefit from an economic reopening fell, with airlines shedding 1.66% and railways losing 0.1%. (Editing by Uttaresh.V)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION -1.57% 10050 Delayed Quote.-6.33%
FAST RETAILING CO., LTD. 1.73% 67640 Delayed Quote.1.81%
INPEX CORPORATION -0.97% 1118 Delayed Quote.12.67%
JAPAN PETROLEUM EXPLORATION CO., LTD. -0.58% 2742 Delayed Quote.10.06%
TOKYO ELECTRON LTD -0.45% 61310 Delayed Quote.-7.08%
TOPIX INDEX 0.98% 1938.53 Real-time Quote.-3.64%
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Financials
Sales 2022 242 B 2 119 M 2 119 M
Net income 2022 -68 450 M -599 M -599 M
Net cash 2022 135 B 1 185 M 1 185 M
P/E ratio 2022 -2,25x
Yield 2022 1,82%
Capitalization 155 B 1 360 M 1 358 M
EV / Sales 2022 0,08x
EV / Sales 2023 0,07x
Nbr of Employees 2 078
Free-Float 55,0%
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Technical analysis trends JAPAN PETROLEUM EXPLORATION CO., LTD.
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 2 742,00 JPY
Average target price 2 518,00 JPY
Spread / Average Target -8,17%
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Managers and Directors
Masahiro Fujita President & Representative Director
Osamu Watanabe Representative Director & Vice President
Yasushi Hamada Managing Executive Officer & GM-Technology
Yoshihiko Motoyama Executive Officer, Head-Information System & Legal
Akira Kojima Independent Outside Director
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