Markets

Japan’s Nikkei gains for second day, tracking Wall Street rise

AP
A man walks by an electronic stock board of a securities firm in Tokyo on Wednesday.

Reuters

13:37 JST, April 14, 2022

TOKYO (Reuters) — Japan’s Nikkei rose for a second day on Thursday, with tech shares and travel stocks standing out as they tracked overnight gains on Wall Street.

The Nikkei added 1.26% to 27,182.50, as of the midday break, climbing back above the psychological 27,000 level for the first time since Monday. Of its 225 components, 188 stocks rose, while 30 fell and seven were flat.

The benchmark stock index had risen 1.93% the previous day, rebounding after dropping to a four-week closing low of 26,334.98 on Tuesday.

The broader Topix gained 0.83% on Thursday. All but four of the Tokyo Stock Exchange’s 33 subsectors rose, and losses were not more than 0.13%. Air transport was the top performer, rallying 3.86%.

“While the main part of yesterday’s Nikkei gains was just a knee-jerk rebound off the low, today it’s reflecting what happened in U.S. stocks, and there are signs of a potential recovery trend,” said a trader at a domestic securities firm.

Uniqlo store operator Fast Retailing led advancers by index points, gaining 2.42% ahead of its financial results after the day’s market close.

Startup investor SoftBank Group was next with a 2.83% rally, followed by chip giant Tokyo Electron’s 1.58% rise.

A retreat in U.S. Treasury yields has helped rate-sensitive tech stocks, with the Philadelphia SE Semiconductor Index gaining 2.36% overnight.

Other Japanese chipmakers also advanced, with Advantest up 1.64% and Renesas Electronics jumping 3.49%.

Airline ANA Holdings jumped 3.47% after U.S. peer Delta forecast a return to profit in the current quarter.

Travel agency H.I.S. soared 4.01% after announcing it would restart Hawai’i tours following a two-year hiatus.