Japan shares end at over 29-1/2-year high as Nasdaq gains cheer tech stocks

Furukawa Electric Co

26/11/2020 06:46

TOKYO, Nov 26 (Reuters) - Japanese shares closed at a more
than 29-and-a-half-year high on Thursday, as tech shares tracked
overnight advances on the U.S. Nasdaq, but worries over latest
coronavirus restrictions at home hindering economic recovery
capped gains.
    The Nikkei share average  .N225  ended up 0.91% at
26,537.31, its highest closing level since April 1991. There
were 101 advancers on the index against 118 decliners.
    The broader Topix  .TOPX  added 0.6% to 1,778.25.
    Telecommunications  .ICOMS.T , precision instruments
 .IPRCS.T  and electric appliances  .IELEC.T  were among the top
sectoral performers on the main bourse, up between 1.51% and
1.79%.
    The market opened on a weak note, but quickly reversed
course as tech-related shares advanced and investors snapped up
bargains, supported by the tech-heavy Nasdaq closing 0.47%
higher overnight.
    Sentiment was also supported by other Asian peers and e-mini
futures  EScv1 , which was last up 0.26%, a market participant
said.
    Video games developer Nintendo  7974.T  was among top 30
core Topix gainers, rising 4.6%. 
    Other tech shares followed suit, with heavyweight SoftBank
Group Corp  9984.T  and Tokyo Electron  8035.T  climbing 3.2%
and 3.3%, respectively.
    As part of Japan's latest measures to rein in its highest
surge in COVID-19 infections yet, Tokyo on Wednesday urged
restaurants and bars to shorten their operating hours until
mid-December and residents to stay indoors as much as possible.
 urn:newsml:reuters.com:*:nL1N2IB071 
    Economy Minister Yasutoshi Nishimura said medical resources
in parts of Japan are becoming strained and the next three weeks
would be critical to stopping the spread of infections.
 urn:newsml:reuters.com:*:nL4N2IB2SN
    The largest percentage gainers in the index were online game
publisher Nexon  3659.T  up 7.55%, followed by Olympus Corp
 7733.T  gaining 4.89% and internet firm Z Holdings Corp
 4689.T  rising 4.40%.
    Sharp Corp  6753.T  jumped 3.69% after Bloomberg News
reported Nintendo has added the company as an assembler of its
popular Switch game console.  urn:newsml:reuters.com:*:nL4N2IB2L7
    Elsewhere, the Mothers Index  .MTHR  of startup firm shares
ended 0.39% higher, having dropped 2.1% in the previous session.

 (Reporting by Eimi Yamamitsu and Tokyo markets team; Editing by
Ramakrishnan M. and Rashmi Aich)
 ((eimi.yamamitsu@thomsonreuters.com;))