Tokyo's benchmark Nikkei index rallied more than 1.8 percent on Friday helped by a cheaper yen and rebounds on US markets. The Nikkei 225 index gained 1.85 percent, or 409.39 points, to close at 22,597.35. Over the week, the index surged 3.71 percent. The broader Topix index was up 1.19 percent, or 20.39 points, at 1,730.07. Over the week, it was up 2.28 percent.
"The weak yen and rallies of US high-tech shares encouraged investors to stay positive," Hikaru Sato, senior technical analyst at Daiwa Securities, told AFP. The dollar changed hands at 112.56 yen in Asian trade, up from 112.01 yen in New York late Thursday. But profit-taking capped buying sentiment ahead of a three-day weekend, with the Japanese market closed on Monday for a national holiday.
"The market will keep watching remarks by President (Donald) Trump over trade disputes," Sato said. Investors will also focus key economic indicators next week, including China's GDP figures scheduled to be released on Monday. On Wall Street, the Dow Jones Industrial Average gained 0.9 percent while the tech-rich Nasdaq Composite Index jumped 1.4 percent to a fresh record.
In Tokyo, blue-chip exporters were higher with Sony gaining 3.17 percent to 5,978 yen and Panasonic up 1.67 percent at 1,427.5 yen. Honda rose 1.01 percent to 3,292 yen with Toyota up 0.60 percent at 7,278 yen. Fast Retailing, Uniqlo casual wear operator, surged 6.94 percent to 52,650 yen after it reported a better-than expected quarterly operating profit of 68.4 billion yen ($610 million).
Comments
Comments are closed.