TOKYO, May 25 (Xinhua) — Japan’s benchmark Nikkei stock index closed greater on Thursday as main semiconductor points advancing and overseas traders in search of out Japanese shares outweighed ongoing considerations over the U.S. debt ceiling problem.
The 225-issue Nikkei Stock Average added 118.45 factors, or 0.39 p.c, from Wednesday to shut the day at 30,801.13.
The broader Topix index, in the meantime, misplaced 6.25 factors, or 0.29 p.c, to complete at 2,146.15.
Dealers right here mentioned shopping for of heavily-weighted chip-linked shares like Advantest buoyed the broader market following strong incomes reported by U.S. chipmaker Nvidia Corp.
“The Nikkei rose around 200 points just on Advantest and Tokyo Electron alone,” Yutaka Miura, senior technical analyst at Mizuho Securities Co., was quoted as saying.
From a broader perspective, some market strategists famous that overseas traders had been switching from U.S. to Japanese equities, amid considerations over the longer term course of the united stateseconomy by way of its shaky banking system, the U.S. Federal Reserve’s aggressive financial tightening coverage and the present debt ceiling woes.
“Foreign investors are buying Japanese equities instead of U.S. equities because economic conditions are not good in the United States due to the banking problems, financial tightening, and the debt ceiling issue,” Masayuki Kubota, chief strategist at Rakuten Securities, was quoted as saying.
Concerns concerning slow-moving negotiations over the U.S. debt ceiling problem to avert an unprecedented default weighed closely on the monetary sector Thursday, market analysts right here mentioned.
Among chip-linked points rising on the again of Nvidia Corp.’s better-than-expected earnings, semiconductor tools maker Tokyo Electron climbed 3.0 p.c, whereas chip-testing tools maker Advantest rocketed 16.2 p.c.
Online retailer Rakuten Group Inc. added 0.7 p.c after it set the worth for a private and non-private share sale, however division retailer operators misplaced floor, with Matsuya dropping 1.0 p.c, whereas Takashimaya fell 1.0 p.c.
By the shut of play, electrical equipment, metallic product and glass and ceramic product-oriented points comprised people who gained essentially the most.
Marine transportation, financial institution and insurance coverage points, in the meantime, led notable decliners.
The turnover on the Prime Market on the penultimate buying and selling day of the week got here to three,468.63 billion yen (24.89 billion U.S. {dollars}).