Thursday, 23 May 2024

Nikkei ends losing streak as chip sector shares rise

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Japan’s Nikkei index rose for the first time in four sessions on Thursday as chip stocks reversed early losses and banking stocks rose.

According to Reuters, the Nikkei rose 0.31% to 38,079.70 points at the close after falling as much as 0.83% early in the session before exceeding the level of 38,000 points. However, the index is still down 3.65% over the course of the week, and is heading towards the largest weekly decline since December 2022.

The broader Topix index reversed its limited early losses and rose 0.54% at the close.

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“The Japanese market has been strong since the beginning of the year, so it is natural for some investors to take profits,” which led to the decline at the beginning of this week, said Kenji Abe, an equity expert at Daiwa Securities.

He added, “I am still optimistic about the outlook for Japanese stocks because profits are very high,” and he expected the Nikkei index to rise to 43,000 points during the next twelve months.

The Nikkei is still up 13.79% over the year. It rose to a record high of 41,087.75 points on March 22, and fell 7.61% from this point until the close on Wednesday.

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