Japan’s Nikkei Closes at 33-year High on Tech Boost
16:38 JST, January 9, 2024
TOKYO (Reuters) – Japan’s Nikkei share average closed at a 33-year high on Tuesday, as investors snapped up chip-related stocks tracking an overnight Wall Street rally in technology shares.
The Nikkei rose 1.16% to finish at 33763.18, its highest since March 1990. Of the 225 stocks in the index, 156 shares advanced.
The broader Topix index rose 0.82% to 2,413.09.
Chip-related stocks led gains in the Nikkei after tracking upbeat performances by U.S. chipmakers Nvidia and Advanced Micro Devices on the Wall Street. .N
Shares of Tokyo Electron gained 3.28%, while Advantest jumped 6.05%, lifting the Nikkei by around 154 points.
DeNA, which mainly provides online services, topped the gainers with a 9% jump following an after-market announcement on Friday that it would begin preparations to list shares for its taxi app partner company GO Inc.
Nintendo, which owns 12% of DeNA shares, also came in as the top performer with a 4.4% jump.
The Nikkei clocked its best year in a decade in 2023, underpinned by expectations of better governance.
After initially pulling back at the start of 2024, the benchmark index recovered to hit its highest since Japan’s “bubble economy” of the late 1980s and early 1990s.
“I think a correction may not come as soon as next week or this week but I’m a bit cautious, if not a little bit pessimistic, over the near term,” as markets assess the latest policy decisions by both the Fed and Bank of Japan over the next few months, said Naka Matsuzawa, chief macro strategist at Nomura.
Energy shares were among the worst performers, after oil prices fell about 4% on Monday on sharp price cuts by top exporter Saudi Arabia.
The Tokyo Stock Exchange’s mining stock sub-index dropped 1.23%, while marine shipping fell 2.26% to lead losses among the 33 industry groups.
"News Services" POPULAR ARTICLE
-
Harris Widens Lead over Trump to 47%-40%, Reuters/Ipsos Poll Finds
-
Israel Declares UN Chief Antonio Guterres ‘Persona Non Grata’ over Iran Attack Response: Foreign Ministry
-
Hezbollah Leader Hassan Nasrallah was killed in Beirut Strike, Israel’s Military Says
-
Foreigners Turn Net Sellers of Japanese Stocks for 2024 on Concerns Over Yen Strength
-
South Korea’s Han Kang Wins 2024 Nobel Literature Prize
JN ACCESS RANKING
- Harris Widens Lead over Trump to 47%-40%, Reuters/Ipsos Poll Finds
- Japan-S. Korea Exchange Festival Held in Seoul
- Japan Trying to Draw Digital Nomads, Who Are Seen as Beneficial to Economy, Society
- JICA Employee Suspected of Leaking Info on ODA Project in Manila; Bidding for Railway Renovation May Have Been Impacted
- Asukayama Monorail in Tokyo: Free to Ride!