Japanese stocks closed higher, supported by energy stocks

Japanese stocks closed higher today, Monday, tracking the impact of the rally witnessed by Wall Street at the beginning of the week, supported by gains in stocks related to the energy sector, after oil prices jumped due to the sudden reduction in production of the OPEC + alliance.

According to “Reuters”, the Nikkei index increased 0.52 percent, to close at 28,188.15 points, while the broader Topix index rose 0.71 percent, to 2017.68 points.

Wall Street rose more than 1 percent on Friday, and the Nasdaq index achieved its largest quarterly percentage gain since June 2020, after signs of slowing inflation raised hopes that the Federal Reserve (the US central bank) may end the cycle of raising interest rates soon. ,

In Japan, the energy exploration sector jumped 4.97 percent, leading gains among 33 sub-indicators on the Tokyo Stock Exchange.

Oil prices rose by about five dollars a barrel, after the sudden announcement of the OPEC + alliance to cut production further in an attempt to support market stability.

The oil refineries index increased by 3.67 percent.

Meanwhile, stocks of heavyweight chip-related companies fell, capping the Nikkei’s gains. Advantest shares lost 4.23 percent, the worst performer on the Nikkei index. Tokyo Electron shares fell 2.06 percent and Screen Holdings fell 3.09 percent.