Shares of Japan rise as investors buy battered stock

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TOKYO – Japanese equities rose Friday, with tech stocks leading the gains as investors bought in a domestic market that lagged behind a global rally amid concerns about the impact of rising costs on earnings business.

The Nikkei stock average climbed 1.1% to 29,608.29 by 0159 GMT, extending gains for a second session, while the broader Topix advanced 1.27% to 2,039.88. Both indices are in the process of staying flat for the week.

“Japanese equities are practically lagging behind global markets and their PER (price-to-earnings ratio) is low relative to other countries, which has prompted investors to buy Japanese equities,” said Shigetoshi Kamada, general manager of the department of search for Tachibana Securities.

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“But it is still difficult for the market to regain the 30,000 level.”

Tech stocks led gains on the Nikkei, following signals from Wall Street as the Philadelphia SE Semiconductor Index recovered from its worst session in more than six weeks.

Start-up investor SoftBank Group was up 3.3% and was aiming for a 10% weekly gain, while chip manufacturing equipment maker Tokyo Electron gained 1.2% and medical platform M3 increased by 2%.

Real estate developers also advanced, with the Mitsubishi Estate gaining 3.96% and Mitsui Fudosan gaining 4.39%.

Watchmaker Citizen Watch was up more than 10% after its annual net profit forecast beat out forecasts.

Marui Group was up 5.82% as the dealer posted an increase in half-year earnings and announced a share buyback.

On the downside, Suzuki Motor lost 2.04% after the automaker’s six-month net profit missed a market consensus.

Oki Electric Industry fell 5.02%, losing more on the Nikkei, while Sumitomo Mitsui Trust Holdings lost 4% and Keisei Electric Railway fell 2.2%.

There were 189 leading on the Nikkei index against 34 bearish. (Edited by Ramakrishnan M.)

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