Wednesday, 29 May 2024

Nikkei rose for the seventh week in a row, thanks to chip stocks‎

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The Japanese Nikkei index rose today, Friday, supported by the gains in the shares of chip companies, as the strong profits achieved by the American company Nvidia continued to enhance the sector’s gains.

According to “Reuters”, the Nikkei index closed up 0.37 percent to 30,916.31 points, achieving gains for the seventh consecutive week, which is the longest winning streak in five years.

The broader Topix index rose 0.6 percent during the day, but closed unchanged at 2,145.84 points, stopping a series of gains that lasted for six weeks.

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Japanese stocks witnessed a volatile week after the two indexes rose on Tuesday to pre-1990 levels before falling sharply.

At the individual stock level, performance on the Nikkei was very mixed. 70 of the 225 shares listed on it rose, while 153 shares declined, and two closed unchanged.

The energy sector was the worst performer on the Nikkei index, and its shares fell 2.45 percent after crude oil prices fell sharply from their highest level in almost a month.

While technology companies were the best performers, and their shares jumped 0.52 percent

Chip-making equipment giant Tokyo Electron rose 4.44 percent, and chip-testing equipment manufacturer Advantest, whose clients include Nvidia Corporation, rose 3.92 percent, after rising 16 percent on Thursday.

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