Nikkei 225 Gains for Third Day on Signs Sentiment Improving
Japan’s Nikkei 225 rose for a third day on improving investor sentiment due to signs of decent consumer spending in the US economy. Semiconductor manufacturing equipment stocks such as Tokyo Electron and Kokusai Electric were strong, supporting the market.
The Nikkei 225 advanced 0.1% to 39,542.81 as of 9:33 a.m. Tokyo time.
The Topix Index little changed at 2,784.63, moving between gains and losses.
Out of 1,696 stocks in the index, 512 rose and 1,094 fell, while 90 were unchanged.
“Financial and other value stocks are likely to be bought, and some high-tech stocks are also likely to rise,” said Yutaka Miura, a senior technical analyst at Mizuho Securities. Even so, a slightly stronger yen may lead to the market turning downward, he said.
Export-related stocks such as automobile companies were sold off, and this weighed on the market.
The Topix initially opened lower, then erased its decline. The yen appreciated as much as 0.2% as far as 154.02 against the dollar following Japan’s retail sales and industrial production data that came out stronger than expected.
Source: Bloomberg
