TOKYO, Oct. 6 (Xinhua) — Japan’s benchmark Nikkei stock index closed higher on Thursday with energy issues finding favor on a decision by OPEC+ to cut output, while chip-oriented issues gained following a major U.S. index rising overnight.
The 225-issue Nikkei Stock Average added 190.77 points, or 0.70 percent, from Wednesday to close the day at 27,311.30.
The broader Topix index, meanwhile, gained 9.55 points, or 0.50 percent, to finish at 1,922.47.
Local dealers said energy-related issues found favor after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed Wednesday to lower production by 2 million barrels per day next month.
Analysts said on the one hand this bolstered related stocks here in the short term, but on the other could affect global inflation and central banks’ hiking their rates in response, which will weigh on stocks.
“The decision is aimed at raising oil prices and is showing its effect, leading investors to buy related companies’ shares,” Masahiro Yamaguchi, head of investment research at SMBC Trust Bank, was quoted as saying.
Among energy shares advancing, refiner Idemitsu Kosan rose 0.9 percent, while explorer Inpex jumped 2.0 percent.
Chip-oriented issues also advanced following the U.S. Philadelphia SE Semiconductor Index leaping overnight, investment analysts here said, despite the tech-heavy Nasdaq’s overnight losses.
Among these, chipmaking-equipment manufacturer Tokyo Electron, a Nikkei heavyweight, helped buoy the broader market, climbing 2.8 percent, while Advantest ended 2.9 percent higher.
Kyocera, an electronics maker, for its part, added 1.1 percent by the close.
Rakuten Group was a notable winner, jumping 4.6 percent, following reports Mizuho Financial Group may buy a 20-percent stake in Rakuten Securities, with an investment of around 80 billion yen (about 553 million U.S. dollars).
By the close of play, mining, electric appliance, and wholesale trade issues comprised those that gained the most, and rising issues outpaced falling ones by 1,338 to 414, while 84 ended the day unchanged.
On the Prime Market on Thursday, 1,139.43 million shares changed hands, dropping from Wednesday’s volume of 1,185.70 million shares.
The turnover on the penultimate trading day of the week came to 2,718.69 billion yen (18.78 billion U.S. dollars).