Japanese Stocks Gain for Third Day on Optimism for Tech Earnings
Japan’s stocks gained for a third day, led by tech on hopes that chipmakers will post strong quarterly earnings due to solid AI demand. Komatsu’s better-than-expected results also lifted the machinery sector.
Topix Index rose 0.2% to close at 2,788.66
Out of 1,696 stocks in the index, 623 rose and 1,009 fell, while 64 were unchanged
Nikkei 225 advanced 0.1% to 39,572.49
Quarterly earnings were investors’ main focus, with IT service provider NEC among the best performers on both the Nikkei and Topix as it climbed 18% after increasing its full-year profit forecast.
Construction machinery maker Komatsu gave support to the Topix, rising 3.8% after announcing quarterly operating income during market hours that exceeded analysts’ expectations.
Chip equipment manufacturers Tokyo Electron and Keyence helped the Topix, too, on optimism ahead of their earnings announcements after Dutch peer ASML’s results beat market estimates earlier this week, renewing hopes that chip demand will keep rising amid the AI boom.
Source: Bloomberg
