Nikkei ends at three-decade high on tech, brokerage shares boost


TOKYO: Japan's benchmark Nikkei stock average closed at its highest level in three decades on Thursday, helped by a rally in tech shares and better-than-expected core machinery orders.

The Nikkei index ended 0.85% higher at 28,698.26, while the broader Topix rose for a sixth straight session to end 0.48% higher at 1,873.28.

The mood for equities also brightened ahead of an expected announcement later in the day about U.S. economic stimulus under incoming President Joe Biden.

"The upward market trend is prompting investors to buy more stocks. Investors are buying stocks out of this 'fear of missing out' sentiment," said Takashi Hiroki, chief strategist, Monex Securities.

Chip-related stocks led the gains, tracking a 7% jump in Intel after the company said it would replace its chief executive officer and expects to beat its financial forecast for the fourth quarter.

Other tech-related shares also rose after data showed Japan's core machinery orders unexpectedly rose for a second straight month in November.

Nikon Corp jumped 7.21% to be the largest gainer on the Nikkei 225 index, followed by Yaskawa Electric, rising 5.3%.

Murata Manufacturing Co gained 0.84%, Fanuc Corp climbed 2.22%, while SoftBank Group rose 2.93%.

Shares of brokerages also advanced, with online broker Monex Group surging 10.78%, while Nomura Holdings added 1.41% and Daiwa Securities Group jumped 2.29%.

Honda Motor fell 0.07% after the company said it would halt output at its British factory next week due to COVID-19 related global supply chain issues.

Toyota Motor gained 0.22%.

The top percentage losers in the Nikkei 225 was GS Yuasa Corp, down 5.02%, followed by JFE Holdings Inc, Kawasaki Kisen Kaisha Ltd both losing 4.7% each. - Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Nikkei 225 , Topix , tech-related

   

Did you find this article insightful?

Yes
No

Next In Business News

US corporate share buybacks are on the rise, lifting investor hopes
MITI: Govt can consider tightening Covid-19 SOPs to prevent outbreaks
Construction steel prices climb on higher iron ore cost, tight supply
KNM unit secures RM30mil supply job�
Dr Martens owners to raise US$1.78bil in London IPO
Hartalega quarterly net profit tops RM1bil for the first time as Covid-19 rages on�
IGB REIT says retail centres to bear the brunt of MCO 2.0
KLCI tumbles 20 points; over 1,100 stocks in red
Furniture maker Sern Kou sees 12.3% stake traded off-market
Bioalpha signs MoU with Zuellig Pharma for vaccine distribution

Stories You'll Enjoy


-->