Economic news

Nikkei Extends Rally 5th Session in Row, Tech Shares on Top

TOKYO, Jan 14 (Reuters) - Japan’s benchmark Nikkei stock average hit a fresh three-decade high on Thursday, extending gains into a fifth day as technology shares tracked a surge in U.S. chipmaker Intel Corp and better-than-expected core machinery orders data lifted sentiment.

The Nikkei index rose 1.38% to 28,849.01 in the morning session, while the broader Topix climbed 0.86% to 1,880.40 and was on course for a sixth straight session of gains.

“The upward market trend is prompting investors to buy more stocks. Investors are buying stocks out of this ‘fear of missing out’ sentiment,” said Takashi Hiroki, chief strategist, Monex Securities.

Chip-related shares led the gains, tracking a 7% jump in Intel shares after the company said it would replace its chief executive officer and that it expected to beat its financial forecast for the fourth quarter.

Advantest Corp gained 2.99% and Tokyo Electron rose 0.63%.

Other tech-related shares also rose after data showed Japan’s core machinery orders unexpectedly rose for a second straight month in November.

Murata Manufacturing Co rose 2.85%, while Yaskawa Electric jumped 5.65 Fanuc Corp climbed 1.2%, while SoftBank Group rose 3.45%.

Shares of brokerages advanced, with Nomura Holdings gaining 2.49% and Daiwa Securities Group rising 3.16%. Mizuho Financial Group added 0.21%.

Honda Motor edged up 0.31%, even after the company said it would halt output at its British factory next week due to COVID-19 related global supply chain issues.

Toyota Motor fell 0.14%.

The top percentage losers in the Topix index were GS Yuasa Corp, down 4.41%, JFE Holdings Inc, down 3.68%, and Kawasaki Kisen Kaisha Ltd, losing 3.34%.

(Reporting by Junko Fujita; Editing by Subhranshu Sahu)

Source: Reuters

To leave a comment you must or Join us

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree