Nikkei posts second weekly gains as banking and shipping ‎stocks rise

Japan’s Nikkei index rose for a second week thanks to Wall Street’s rise on Thursday, after US data provided more evidence of a smooth decline in the world’s largest economy.

According to Reuters, the Nikkei rose 0.09% to 33,169.05 points at the close on Friday, rising 0.6% during the week.

The index jumped 0.71% earlier on Friday as shares of chip companies rose, following the lead of their American counterparts, but these gains quickly faded.

Tokyo Electron’s stock, which manufactures chip manufacturing equipment, increased 0.83% at close after it rose to 2%, while Advantest’s stock, which manufactured chip testing equipment, fell 1.07% at close, after recording 1.9%.

Bank stocks took advantage of the gains they achieved during the day and recovered from the losses resulting from the Bank of Japan’s decision to maintain the stimulus that reduces returns, while the bank did not provide any hints about when it will be cancelled.

The banking index on the Tokyo Stock Exchange rose 2.44%, ranking second among 33 sector indices. Shipping company shares were the best performers, jumping 3.26% following the attacks in the Red Sea.

Data showed that Japan’s core consumer price index rose at its slowest pace in more than a year, a sign of easing pressures from rising costs.

The US November core PCE report, the Federal Reserve’s preferred measure of inflation, is scheduled for release later on Friday.