Japan's Nikkei hits year high on hopes for tech earnings

  • Reuters
  • Stock Market News
Japan's Nikkei hits year high on hopes for tech earnings
Credit: © Reuters.

By Stanley White

TOKYO, Oct 24 (Reuters) - Japan's Nikkei index rose to the highest in more than a year on Thursday, as semiconductor-related shares bounced back from recent losses on optimism for improved corporate earnings.

By 0208 GMT, the Nikkei benchmark share average .N225 was up 0.63% at 22,767.24. It earlier rose to 22,774.70, the highest since Oct. 18, 2018. So far it is up 13% for the year.

Shares rose for the fourth consecutive trading session as investors who recently sold off Japanese technology stocks turned into bargain hunters following Microsoft Corp's MSFT.O higher-than-expected sales forecasts for its cloud computing services. slightly weaker yen also supported share prices of Japan's major exporters, because this tends to boost earnings repatriated from overseas.

There were 176 advancers on the Nikkei index against 44 decliners on Thursday.

The information and technology sector was the biggest gainer, rising 0.19%. Chip-making equipment manufacturer Tokyo Electron Ltd 8035.T rose 1.89%, while electronic devices maker Kyocera Corp 6971.T gained 0.92%.

The largest percentage gainers in the Nikkei index were parcel delivery and logistics firm Yamato Holdings Co Ltd 9064.T up 4.25%, followed by Hino Motors Ltd 7205.T rising 4.17%, and Mitsui E&S Holdings Co Ltd 7003.T up by 4.03%.

The largest percentage losses in the index were Toray Industries Inc 3402.T down 3.73%, followed by SoftBank Group Corp 9984.T losing 2.6% and Teijin Ltd 3401.T down by 1.69%.

Softbank's shares hit their lowest since Jan. 30 on Thursday on continued worries that its finances will weaken due to its bailout of office-space sharing startup WeWork. broader Topix index .TOPX rose 0.47% to 1,645.89.

The volume of shares traded on the Tokyo Stock Exchange's main board .TOPX was 0.61 billion, compared with the average of 1.24 billion in the past 30 days. (Editing by Jacqueline Wong)

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