News

Nikkei Extends Rally into 5th Session, Tech Shares Lead Gains

0

TOKYO, Jan 14 Reuters Japans benchmark Nikkei stock average hit a fresh threedecade high on Thursday, extending gains into a fifth day as technology shares tracked a surge in U.S. chipmaker Intel Corp and betterthanexpected 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.

Chiprelated 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 techrelated shares also rose after data showed Japans 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 COVID19 related global supply chain issues.

Toyota Motor…

Oil Prices Edge Up on Strong China Data, U.S. Crude Oil Draw

Previous article

Saudis Open Banking Plans could Revolutionize Fintech

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.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

More in News