Japanese Stocks Rise Led by Fast Retailing
Japanese stocks rose sharply at the close of trading on Friday (January 9th), led by a surge in shares of Fast Retailing, owner of the Uniqlo brand, which reached an all-time high. Gains in shares in the real estate, banking, and textile sectors pushed the Nikkei 225 index to close up 1.60%, reflecting positive investor sentiment in the Tokyo market.
Fast Retailing was the main driver of the market's rally, with its shares soaring 10.67%, or 6,050 points, to 62,750, the company's all-time high. The rally was also supported by technology and automotive stocks, including Renesas Electronics, which rose 4.36%, and Mazda Motor, which gained 4.33% in closing trade.
Meanwhile, selling pressure hit retail and logistics stocks. Aeon was the worst-performing stock, plunging 7.68%, followed by Yamato Holdings, which fell 5.30%, and Fujikura, which fell 2.84%. Nevertheless, the overall market showed broad-based strength, with rising stocks far outnumbering falling stocks on the Tokyo Stock Exchange.
Market optimism was also reflected in the 1.68% decline in the Nikkei Volatility Index, signaling easing investor concerns. In global markets, oil and gold prices strengthened, while the yen weakened against the US dollar, with the USD/JPY pair rising to 157.42, boosting sentiment for Japanese exporter stocks. (alg)
Source: Newsmaker.id
