Home Stock exchange Japanese stocks follow strong Wall Street end to end week higher

Japanese stocks follow strong Wall Street end to end week higher

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The Japan Nikkei benchmark average closed 0.66% higher at 29,066.18 on Friday, while the larger Topix gained 0.80% to 1,962.65.

FILE PHOTO: First trading day of the Tokyo stock exchange

TOKYO: Japanese stocks closed higher on Friday, as cyclical and tech stocks followed a solid finish on Wall Street, although gains were limited by concerns about the country’s economic recovery and as part of a cautious outlook for US equities.

The Nikkei stock average rose 0.66% to close at 29,066.18, while the larger Topix rose 0.80% to 1,962.65.

For the week, the Nikkei gained 0.35% to climb just above the 29,000 mark, which market participants say has become a psychological hurdle as the outlook for Japan’s economic recovery remains uncertain .

The Nasdaq and S&P 500 closed at record highs overnight, while the Dow Jones jumped nearly 1% after US President Joe Biden passed a bipartisan Senate infrastructure deal.

“Today’s market (Friday) follows strong Wall Street gains. But investors, especially in Japan, are wary of US markets taking a hiatus anytime soon,” said Shoichi Arisawa, chief executive of the department. research team at IwaiCosmo Securities.

“The prospects for an economic recovery in Japan are becoming blurred as the number of new COVID-19 infections is on the rise again, and the pandemic could worsen as the country plans to host the Olympics.”

Cyclical stocks rose, with oil and coal developers and steelmakers leading the 33 sector sub-indices on the Tokyo Stock Exchange.

Tech stocks also rose, with Tokyo Electron up 0.7%, Advantest 1.5% and Fanuc 1.66%.

Panasonic shares jumped 4.93% as a filing by the conglomerate showed it had sold its entire stake in Tesla in the previous fiscal year.

Toshiba, in crisis, ended down 0.62% after rising to 1.4% as shareholders dismissed its chairman of the board and another director at its annual general meeting.

Mazda Motor Corp, up 8.7 percent, gained the most on the Nikkei, followed by Kobe Steel up 4.8 percent.

Eisai, down 3.96%, was the biggest loser, followed by Mitsui OSK Lines down 1.34% and CyberAgent I down 1.29%.

(Reporting by Junko Fujita; Editing by Uttaresh.V and Sherry Jacob-Phillips)

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