News

Japanese Shares Jump after Sharp Falls; Cyclical Stocks Gain

0
Panorama of a city business district with office buildings and skyscrapers and superimposed data, charts and diagrams related to stock market, currency exchange and global finance. Blue line graphs with numbers and exchange rates, candlestick charts and financial figures fill the image with a glowing light. Sunset light.

TOKYO, April 22 Reuters Japanese shares jumped on Thursday as investors scooped up cyclical and chiprelated shares after they fell sharply in the previous two sessions, with sentiment aided by an upbeat finish on Wall Street overnight.

The Nikkei share average jumped 1.9 to 29,050.73 by 0152 GMT, while the broader Topix rose 1.59 to 1,918.13.

Concerns about an economic slowdown amid preparations of a third state of a virusled emergency eroded about 4 from the Nikkei and 3.5 from the Topix index in the past two days.

Investors are buying stocks as prices have become reasonable after declines in the past two days, said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.

An introduction of a state of emergency makes investors wary but the number of new infections could fall. That might be factored into todays market.

Chiprelated shares advanced, with Tokyo Electron jumping 4.24, Advantest rising 3 and ShinEtsu Chemical climbing 2.7.

Nidec, known for making precision motors used in computer hard drives, gained 3.89 ahead of its earnings announcement on Thursday. The company is one of the first major manufacturers to disclose outlook in the earnings seasons.

Shipping firms were the top percentage gainers on the Nikkei, with Kawasaki Kisen rising 5.6, followed by Mitsui OSK Lines gaining 4.83.

The largest percentage loser was Teijin, down 0.95, followed by Mitsubishi Logistics losing 0.63 and Eneos Holdings down 0.53 .

There were 200…

GBP Slips vs EUR; Currency Markets Quiet ahead of ECB Meeting

Previous article

Gold Pulls Back from nearly 2Month High

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.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

More in News