Thursday, 23 May 2024

Japan’s Nikkei closes higher thanks to chip stocks


اقرأ المزيد

Japan’s Nikkei index closed higher on Friday as chip-related stocks tracked the rise in technology stocks in the United States on Thursday night, while a decline in Fast Retailing shares, Uniqlo’s parent company, limited gains.

According to Reuters, the Nikkei index rose 0.21% to close at 39,523.55 points, achieving a weekly gain of 1.41%.

The broader Topix index advanced 0.46% to 2,759.64 points and rose 2.11% during the week.

US stocks closed higher on Thursday, with technology-related stocks leading the rise, as new economic data revived hopes that inflation would continue to slow, a day after recording a strong reading.

However, Treasury yields continued to rise as higher-than-expected CPI data raised doubts about the Federal Reserve’s ability to cut interest rates this year.

Japanese chip-related stocks rose, with Tokyo Electron shares advancing 1.49% and Lasertec shares advancing 2.97%. Advantest shares rose 0.87 percent.

Mitsui Fudosan shares jumped 7.82% to achieve the largest rise among the components of the Nikkei index, after the real estate developer announced plans for shareholder returns that include buying back shares worth 40 billion yen ($261.22 million).

Its peers’ shares rose, as Tokyo Tatemono and Mitsubishi Estate shares rose 7.61% and 6.92%, respectively.

The real estate sector index advanced 5.2%, and was the highest among the 33 sector sub-indices on the Tokyo Stock Exchange.

But Fast Retailing shares fell 4.4 percent, and had the greatest impact on the Nikkei index, after the company that owns the clothing brand Uniqlo left its operating profit forecast for the full year unchanged.

Of the index’s 225 components, 157 stocks rose and 66 stocks declined, with two stocks remaining stable.