TOKYO: Japan’s Nikkei ended higher on Monday in a range-bound trading session, tracking gains in Wall Street and other Asian equity markets, though losses in chip-related shares weighed on the index.
The Nikkei share average rose 0.25% to close at 27,736.47, after falling as much as 0.3% earlier in the session. The broader Topix gained 0.48% to 1,953.63.
“The Japanese market was supported by gains on the US market over the weekend, while US futures kept its momentum,” said Yutaka Miura, senior technical analyst at Mizuho Securities.
“But investors were cautious making bets as they wanted to confirm the direction of the US market later today.” On Friday, Wall Street rose modestly as the monthly jobs report indicated a strong labor market and is likely to keep the Federal Reserve on track to maintain its hawkish policy stance.
Trading was sluggish in China due to a holiday, while MSCI’s broadest index of Asia-Pacific shares outside Japan inched up. In Japan, shipping companies led gains, which rose 2.85%, followed by oil explorers, rising 2.64%.
Zojirushi jumped 4.99% after the cooking appliance maker boosted its quarterly profits. Chip-making equipment maker Tokyo Electron weighed on the Nikkei the most, falling 2.66%, tracking an overnight decline on the Philadelphia Semiconductor index.
Peers Advantest and Kyocera dropped 1.26% and 0.47%, respectively.
Railways and airlines were among the weakest sectors, falling 0.74% and 1.66%, respectively, as the number of new Covid-19 infections has turned to an upward trend.
From Monday, the market was restructured into three new markets - prime, standard and growth - as the exchange adopted tougher listing criteria to attract more foreign investors.
Comments
Comments are closed.