TOKYO, May 9 (Xinhua) — Japan’s benchmark Nikkei stock index closed greater Tuesday as strong company earnings lifted hopes for an extra slew of strong outcomes from home companies together with steelmakers.
The 225-issue Nikkei Stock Average gained 292.94 factors, or 1.01 p.c, from Monday to shut the day at 29,242.82, marking its highest closing degree since Jan. 5, 2022.
The broader Topix index, in the meantime, added 26.34 factors, or 1.27 p.c, to complete at 2,097.55.
Dealers right here stated that steelmaker JFE Holdings Inc. saying a day earlier it anticipated its revenue to surge gave different steelmakers a lift on hopes for related upbeat studies.
“The results were good, and much better than the market expected. The mainstay logistics segment, particularly related to autos, is expected to continue recovering along with improvements in the supply of semiconductors and car parts,” Nomura Securities strategist Kazuo Kamitani was quoted as saying.
Brokers right here stated the market temper was additionally brightened within the afternoon following China’s export knowledge displaying an 8.5 p.c bounce in April from a yr earlier.
“Japanese companies, especially steel and machinery issues, benefit from China’s economic strength,” Shingo Ide, chief fairness strategist on the NLI Research Institute., stated.
JFE Holdings Inc. surged 14.5 p.c and amongst different steelmakers gaining traction, Kobe Steel jumped 5.6 p.c, whereas Nippon Steel leaped 5.3 p.c.
Shipping agency Kawasaki Kisen was a notable winner, climbing 9.3 p.c, after it introduced its web revenue for the fiscal yr by means of March 2023 was greater than median market expectations.
Chip-oriented points adopted their U.S. friends greater in a single day, with chip-testing tools maker Advantest gaining 4.4 p.c, whereas Tokyo Electron added 1.8 p.c.
By the shut of play, mining, transportation tools and wholesale trade-linked points comprised people who gained probably the most.
The turnover on the prime market on the second buying and selling day of the week got here to three,274.63 billion yen (24.28 billion U.S. {dollars}).