Nikkei ends near 29-1/2-year high on vaccine, stimulus hopes
01/12/2020 06:30
TOKYO, Dec 1 (Reuters) - Japan's benchmark Nikkei closed
near a 29-1/2-year high on Tuesday, tracking gains in U.S. stock
futures over growing optimism that major drugmakers will roll
out coronavirus vaccines before year-end.
The Nikkei 225 index .N225 ended up 1.34% at 26,787.54,
near its highest level since April 1991, hit earlier in the
session. The broader Topix .TOPX rose 0.77% to 1,768.38.
Securities brokerages .ISECU.T , non-ferrous metals
.INFRO.T and metal products .METL.T led the advance on the
main bourse.
Japanese stocks got off to a bright start after Moderna Inc
MRNA.O said it had applied for U.S. emergency authorization
for its COVID-19 vaccine. Moderna's candidate is the second
vaccine likely to win U.S. approval for a potential rollout this
year. urn:newsml:reuters.com:*:nL1N2IG0R1
In addition, Japan's government has vowed to compile a
stimulus package to help the economy mitigate short-term
economic impacts from a recent rise in coronavirus infections.
urn:newsml:reuters.com:*:nL1N2ID0IU
"There may be some slight adjustments, but Japanese stocks
won't fall very far," said Kiyoshi Ishigane, chief fund manager
at Mitsubishi UFJ Kokusai Asset Management Co.
"Approval of a vaccine is a big boost. Some traders are also
focused on an increase in Japanese fiscal spending."
Gains in U.S. stock futures EScv1 , up more than 0.8% in
Asian trade, and strong Chinese factory activity data also
bolstered Japanese shares. urn:newsml:reuters.com:*:nZUN000BNQ
The stocks that gained the most among the top 30 core Topix
names were Fanuc Corp 6954.T , up 3.09 %, and Shin-Etsu
Chemical Co Ltd 4063.T , up 2.8%.
The underperformers among the Topix 30 were Nintendo Co Ltd
7974.T , down 3.19%, and Recruit Holdings Co Ltd 6098.T ,
which lost 2.89%.
There were 193 advancers on the Nikkei index against 30
decliners.
The volume of shares traded on the Tokyo Stock Exchange's
main board .TOPX was 1.33 billion, compared to the average of
1.27 billion in the past 30 days.
(Reporting by Stanley White and Eimi Yamamitsu; Editing by
Subhranshu Sahu and Vinay Dwivedi)
((stanley.white@tr.com; +81 (0)3 4563 2799;
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