Wed, 25 Nov 2020

Tokyo stocks end higher with tech gains

News24
12 Nov 2020, 20:42 GMT+10

Tokyo stocks closed higher for an eighth straight day on Thursday as tech firms tracked healthy gains in their US peers, though advances were tempered by profit-taking elsewhere.

The benchmark Nikkei 225 index ended up 0.68%, or 171.28 points, at 25 520.88, but the broader Topix index dipped 0.16%, or 2.84 points, to 1 726.23.

Technology firms rallied on Wall Street as a spike in coronavirus cases in the US and across Europe fuels concerns about fresh containment measures that could keep people at home.

The sector has soared for most of the year owing lockdowns and across most of the planet in the first half.

Gaming giant Nintendo rallied 4.30% to ¥53 900, while Tokyo Electron gained 1.27% to ¥30 220 and chip-testing equipment maker Advantest ended up 2.71% at ¥6 810.

Uniqlo casual wear operator Fast Retailing also ended up 1.86% at ¥80 620.

However, tourism-linked chips were hit after rallying earlier in the week after news of a successful vaccine trial fuelled hopes economic activity could possibly begin to return to normal.

Japan Airlines fell 3.85% to ¥1 871 and rival ANH Holdings was down 2.21% at ¥2 572.

"Profit-taking is weighing on the market with investors feeling overheated after recent rallies," Daiwa Securities said in a commentary.

Meanwhile, Nissan dropped 2.89% to ¥409 ahead of its first-half earnings report due after the closing bell.

Honda lost 1.55% to ¥2 948 despite winning approval to sell highly autonomous self-driving cars in Japan, in what the automaker and Japanese authorities said was a world-first.

The dollar fetched ¥105.24, against ¥105.59 in London late on Wednesday.

Source: News24

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