Japan’s Nikkei share average rose to a two-week closing high on Wednesday (Oct 30), as technology stocks tracked the Nasdaq’s record finish overnight.
The Nikkei climbed 0.96 per cent to 39,277.39, its highest close since Oct 15 in its third straight session of gains. The broader Topix rose 0.81 per cent to 2,703.72.
“There were not any strong market-moving cues and the momentum was not strong,” said Fumio Matsumoto, chief strategist at Okasan Securities.
“Investors just bought back stocks that were sold last week for fears of political turmoil. Local equities had fallen despite a weaker yen.”
The prospect that Japan’s Liberal Democratic Party and its ruling coalition partner may lose their majority in the lower house of parliament pushed the Nikkei down 2.7 per cent last week.
Overnight, the Nasdaq scored a record closing high and the S&P 500 rose, while the Dow fell as investors digested a host of corporate earnings and awaited Google-parent Alphabet’s results that came after the market close.
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In Japan, chip-related shares rose, with Disco surging 11.21 per cent and Lasertec up 4.38 per cent.
Chip-testing equipment maker Advantest rose 3.43 per cent to provide the biggest boost to the Nikkei.
Technology investor SoftBank Group rose 2.62 per cent.
Hino Motors tanked 13.34 per cent after the truckmaker flagged an annual net loss as it reported a US$1.5 billion extraordinary loss.
Drugmaker Chugai Pharmaceutical lost 4.9 per cent to weigh on the Nikkei the most. Home interior goods retailer Nitori Holdings fell 1.44 per cent.
Komatsu lost 1.03 per cent, even as the construction equipment maker raised its annual operating profit forecast.
Of the 225 Nikkei components, 162 stocks rose and 59 fell, with four flat. REUTERS
