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Japan shares follow Wall Street higher on U.S. stimulus hopes

Published 23-10-2020, 09:00 am
© Reuters.

TOKYO, Oct 23 (Reuters) - Japanese shares edged higher on Friday, following a firmer finish on Wall Street, although gains were somewhat capped by weakness in semiconductor stocks after shares of industry bellwether Intel Corp tumbled overnight.

The benchmark Nikkei share average .N225 rose 0.21% to 23,523.95 by the midday break, while the broader Topix .TOPX was nearly flat at 1,619.91.

Wall Street provided a strong lead as positive domestic economic data and signs of progress in stimulus talks helped all three major U.S. stock indexes finish higher on Thursday. market had little reaction to the final U.S. presidential debate ahead of the November election.

Among the top losers on Friday, shares of semiconductor firms Tokyo Electron 8035.T and Advantest Corp 6857.T lost 2.14% and 0.54%, respectively, following a 10% decline in Intel's shares INTC.O after it reported a slump in quarterly margins. Heavy Industries 7011.T climbed more than 4.9% after Reuters reported it would freeze development of its SpaceJet regional jet. games developer Nexon Co 3659.T soared above 15%, having hit the daily limit earlier, after media reported that the company would replace FamilyMart Co 8028.T in the Nikkei stock average.

Other companies that were seen as potential candidates for replacement, such as Kakaku.com Inc 2371.T and Zozo Inc 3092.T , fell 6.76% and 8.03%, respectively.

Japan Exchange Group 8697.T edged 0.34% higher after the Nikkei business daily reported the Japanese financial regulator had entered the Tokyo Stock Exchange to conduct an on-site inspection to investigate the causes behind a full-day trading halt earlier this month. Mothers Index .MTHR of start-up firm shares slipped 2.82% as investors booked profits after recent rallies, and was set to post the biggest weekly loss since mid-March.

Meanwhile, the TSE REIT index .TREIT edged 0.23% lower, after hitting its lowest level since Aug. 12 in early trade.

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