News

Japan Shares Rally as Reopening Hopes Boosts Travel

0

Train operators, airlines, real estate firms surge

Vaccination raises hopes of economic reopening

Carmakers extend gains as investors snatch up value shares

Last years highflyers crumble; Nitori down 4

TOKYO, June 2 Reuters Japanese shares ended higher on Wednesday, supported by gains in the hospitality sector as a pickup in vaccination drives boosted economic reopening hopes, while shares of carmakers scaled new highs on stronger global demand.

The Nikkei share average rose 0.46 to close at 28,946.14, while the broader Topix gained 0.84 to 1,942.33.

While Japan last week extended its social restriction measures to later this month, investors are looking beyond, with signs of a pickup in vaccination fuelling their bets on economic reopening.

Daily vaccination counts are now hitting about 500,000, so we can hope that by midJuly, we could reach a level where new infections should fall because enough number of people will have been vaccinated, said Nobuhiko Kuramochi, market strategist at Mizuho Securities.

Railway companies were among the best performers, with West Japan Railway jumping 7.7 and East Japan Railway soaring 6.0.

Airliner ANA Holdings gained 3.2, while rival Japan Airlines climbed 3.5.

The real estate sector was another strong performer, with Sumitomo Realty Development adding 4.3, while Mitsui Fudosan rose 5.2.

Real estate investments trusts REITs were also in demand, with their index TSE REIT Index rising 1.5 to reach its highest level…

European Stocks Climb on Commodity Boost ahead of Data

Previous article

India will Likely see DoubleDigit Growth this Quarter

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News