Japan's Nikkei rises as tech shares gain
TOKYO, Aug 30 (Reuters) -Japan's Nikkei share average advanced on Friday after the Dow notched a record closing high overnight, with technology stocks leading the gains.
The Nikkei .N225 rose 0.58% to 38,585.43 by the midday break, but was flat for the week. The broader Topix .TOPX climbed 0.56% to 2,708.08 and was up 0.3% for the week.
"The Dow's strong finish lifted domestic equities. Chip-related stocks rose despite a decline of the Nasdaq, which means Nvidia is no longer a market-moving cue," said Naoki Fujiwara, senior general manager at Shinkin Asset Management.
The Dow posted a record-high close on Thursday in mixed trading following robust U.S. economic data, while artificial intelligence chipmaker Nvidia NVDA.O dropped after its largely in-line forecast failed to impress investors. The Nasdaq slipped 0.23%.
Nvidia's performance has been key for the Nikkei as most of its heavyweights are technology stocks.
Chip-testing equipment maker Advantest 6857.T jumped 2.67% to give the biggest boost to the Nikkei. Chip-making equipment maker Tokyo Electron 8035.T rose 0.57%. Technology start-up investor SoftBank Group 9984.T gained 2.5%.
Medical equipment maker Terumo 4543.T> fell 2.9% to weigh on the Nikkei the most, after news that its shareholders plan to sell 73.2 billion yen ($505.56 million) worth of shares to overseas investors.
Home interior goods retailer Nitori Holdings 9843.T, which relies on imports for most materials, fell 3% to become the biggest percentage loser on the Nikkei after the yen weakened on Thursday.
Nitori shares have risen 25% so far this month, buoyed by a stronger yen. The Nikkei has declined 1.89% during the same period.
Of the 225 Nikkei components, 138 stocks rose and 85 fell, with two trading flat.
($1 = 144.7900 yen)
Reporting by Junko Fujita; Editing by Subhranshu Sahu
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
