Japan’s Nikkei recovers from early losses as chip stocks recover and retailers rise

Finance


Kevin Buckland

TOKYO (Reuters) – Japan’s Nikkei Stock Average rebounded from an early decline and closed on Thursday morning as semiconductor stocks rebounded and retail stocks rose as foreign tourists surged. The session ended with a slight increase.

The Nikkei Stock Average rose 0.09% at 28,631.53, returning to 28,698.22, a nearly six-week high on Tuesday. The index was weighed down by weakness on Wall Street, with him down 0.57% at 28,442.45 earlier in the day.

The broader Topix remains slightly in the red, down 0.06% to end the morning at 2,039.25, well above its early loss of 0.55%.

A weaker yen helped improve mood in the morning, dropping 0.18% to $135 to the dollar.

“The market has been cautious after the Nikkei hit a high on Tuesday, but there really isn’t any major negative news to drive the decline, and the number of stocks falling should decrease during the session.” Nomura Securities Strategist.

Investors may be more cautious in the afternoon, she said, keeping an eye on chip-making equipment maker Disco Corp’s earnings announcement later in the day.

Advantest, a semiconductor inspection equipment maker, rose 2.2%, while Tokyo Electron, a major semiconductor manufacturing equipment manufacturer, rose 1.09%, adding about 17 points each to the top spot. Nikkei 2.3 support. They started the day in the red, trailing the declines of their US peers.

Fast Retailing, which operates Uniqlo stores, scored about 41 points for a 1.25% prepayment.

Fellow retailer Takashimaya was the biggest gainer, rising 3.26%.

Among the industry sectors on the Tokyo Stock Exchange, banking and insurance were the best performers, rising more than 0.5% each.

In the Nikkei, 118 stocks rose, 99 stocks fell, and 8 stocks flattened. (Reporting by Kevin Buckland, Editing by Varun HK)



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