Japan’s Nikkei hits near 8-week high on tech boost

Author of the article: TOKYO — Japan’s Nikkei share average hit a near eight-week high on Tuesday, as investors scooped up chips and other technology stocks, with overnight Wall Street gains aiding sentiment. The Nikkei had risen 1.28% to 27,879.70 by the midday break, after jumping to as high as 27,943.27, its highest since Sept.…
Japan’s Nikkei hits near 8-week high on tech boost

Author of the article:

TOKYO — Japan’s Nikkei share average hit a near eight-week high on Tuesday, as investors scooped up chips and other technology stocks, with overnight Wall Street gains aiding sentiment.

The Nikkei had risen 1.28% to 27,879.70 by the midday break, after jumping to as high as 27,943.27, its highest since Sept. 15.

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The broader Topix climbed 1.08% to 1,954.96.

“The market was highly influenced by the performance of U.S. equities overnight,” said Yugo Tsuboi, senior strategist at Daiwa Securities.

“Particularly growth shares were strong. This is because foreign investors, who oversold Japanese shares, bought back those shares. This could be a sigh that they saw a momentum coming back in the Japanese market.”

Chip related Tokyo Electron and Advantest 3.3% and 2.32%, respectively.

Technology investor SoftBank Group jumped 4.85% to become the biggest boost for the Nikkei. Phone company KDDI gained 1.03%.

Audio equipment and game maker Sony Group jumped 3.83%.

All but two of the 33 industry sub-indexes on the Tokyo Stock Exchange rose, with the insurance sector leading the gains.

Railways fell 0.02%, with Central Japan Railway losing 0.44% and Kintetsu Group Holdings falling 0.92%.

Financial services firm Orix fell 2.91%, after posting a 17% drop in its quarterly net profit.

Toshiba fell 1.72%, after a report said private equity fund Japan Industrial Partners submitted a bid to buy the conglomerate for $15 billion that lacks key commitments from banks. (Reporting by Junko Fujita; Editing by Rashmi Aich)

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