Nikkei Rises, Chip Stocks Lead
Japanese stocks closed higher on Thursday (July 23rd), supported by gains in the property, banking, and textile sectors. The Nikkei 225 index rose 0.39% at the close of trading in Tokyo.
Sumitomo Metal Mining was one of the main drivers, rising 5.07% to 7,902. Lasertec also gained 4.98% to 45,130, while Advantest rose 4.11% to 30,800.
However, not all stocks moved positively. Takashimaya was one of the biggest drags, falling 6.14% to 2,255. J.Front Retailing fell 5.39%, while Isetan Mitsukoshi fell 4.65%.
Overall, declining stocks slightly outnumbered rising stocks on the Tokyo Stock Exchange. A total of 1,726 stocks fell, 1,723 stocks rose, and 294 stocks remained unchanged. The Nikkei volatility index fell 1.45% to 32.59.
In the commodity market, oil prices rose sharply again. WTI rose 2.12% to US$88.67 per barrel, while Brent jumped 2.93% to US$96.83 per barrel. Conversely, the August gold contract fell 0.72% to US$4,121.90 per troy ounce.
Impacting the market, the strengthening Nikkei indicates investors are still investing in Japanese stocks, particularly the technology and materials sectors. However, rising oil prices remain a risk as they could trigger inflation and increase pressure on the Japanese economy. The yen, which remains around 163 per dollar, also keeps the market wary of potential Japanese government intervention. (asd)
Source: Newsmaker.id
