TOKYO: Japan’s Nikkei share average rose for a fourth consecutive day on Wednesday, as heavyweight technology stocks tracked overnight gains in US megacap growth stocks.
The Nikkei gained 1.26% to close at 40,580.76.
The broader Topix also rose for a fourth straight day, closing up 0.54% at 2,872.18.
Wall Street’s main stock indexes closed higher on Tuesday, boosted by gains in Tesla and megacap growth stocks, but volumes were thin ahead of the July 4 holiday and the closely watched release of June nonfarm payrolls on Friday.
“Investors rotated their targets today. They sold outperforming shares to take profits and bought cheaper stocks,” said Naoki Fujiwara, senior fund manager at Shinkin Asset Management.
“The Nikkei tracked Wall Street, higher but also those who were late in catching up to the recent rally bought Nikkei futures, which lifted the main index,” said Fujiwara.
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