Nikkei extends rally into fifth session, tech shares lead gains

  • Reuters
  • Stock Market News
Nikkei extends rally into fifth session, tech shares lead gains
Credit: © Reuters.

TOKYO, Jan 14 (Reuters) - Japan's benchmark Nikkei stock average hit a fresh three-decade high on Thursday, extending gains into a fifth day as technology shares tracked a surge in U.S. chipmaker Intel Corp and better-than-expected core machinery orders data lifted sentiment.

The Nikkei index .N225 rose 1.38% to 28,849.01 in the morning session, while the broader Topix .TOPX climbed 0.86% to 1,880.40 and was on course for a sixth straight session of gains.

"The upward market trend is prompting investors to buy more stocks. Investors are buying stocks out of this 'fear of missing out' sentiment," said Takashi Hiroki, chief strategist, Monex Securities.

Chip-related shares led the gains, tracking a 7% jump in Intel INTC.O shares after the company said it would replace its chief executive officer and that it expected to beat its financial forecast for the fourth quarter. Corp 6857.T gained 2.99% and Tokyo Electron 8035.T rose 0.63%.

Other tech-related shares also rose after data showed Japan's core machinery orders unexpectedly rose for a second straight month in November. Manufacturing Co 6981.T rose 2.85%, while Yaskawa Electric 6506.T jumped 5.65 Fanuc Corp 6954.T climbed 1.2%, while SoftBank Group 9984.T rose 3.45%.

Shares of brokerages advanced, with Nomura Holdings 8604.T gaining 2.49% and Daiwa Securities Group 8601.T rising 3.16%. Mizuho Financial Group 8411.T added 0.21%.

Honda Motor 7267.T edged up 0.31%, even after the company said it would halt output at its British factory next week due to COVID-19 related global supply chain issues. Motor 7203.T fell 0.14%.

The top percentage losers in the Topix index were GS Yuasa Corp 6674.T , down 4.41%, JFE Holdings Inc 5411.T , down 3.68%, and Kawasaki Kisen Kaisha Ltd 9107.T , losing 3.34%.

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