Nikkei flat as chip gains counter drugmaker losses

Hoya

23/06/2021 08:46

(Most prices and index values have been sourced from Yahoo
Finance)
    TOKYO, June 23 (Reuters) - Japan's benchmark Nikkei index
was subdued on Wednesday as gains in chip-related heavyweights,
which tracked Nasdaq overnight, were offset by losses in
drugmakers.
    The Nikkei 225  .N225  edged up 0.03% to close at 28,874.89,
after seeing its biggest rise in 2021 on Tuesday, while the
broader Topix  .TOPX  slipped 0.53% to 1,949.14. 
    The benchmark index rose as much as 0.08% during the
session.
    "Gains in the Nasdaq overnight lifted the Nikkei today. And
the Nasdaq's move will be a key for the Nikkei's performance for
a while because Nikkei's heavyweights are technology and growth
stocks," said Takatoshi Itoshima, strategist at Pictet Asset
Management. 
    Wall Street rebounded overnight, led by the Nasdaq  .IXIC ,
as Federal Reserve Chairman Jerome Powell vowed not to raise
rates too quickly.  .N 
    Chip-related companies Tokyo Electron  8035.T  and Advantest
 6857.T  gained 0.89% and 1.90%, respectively. 
    Nitori Holdings  9843.T  jumped 5.28% after local media
reported that the home improvement goods and furniture store
operator would post a record operating profit for the quarter
ended May, driven by robust demand for its products during the
pandemic.
    Chinese restaurant Totenko  8181.T  surged as much as 10.3%,
before closing up 0.68%, after news that giant panda Shin Shin
gave birth to twin cubs at Tokyo's Ueno Zoo, which is near its
main restaurant.   
    Drug stocks fell the most among all sectors, according to
the Nikkei website, dragged down by Eisai  4523.T , which fell
5.04%.   
    The shipping sector  .ISHIP.T  dropped 0.78%, after leading
the Nikkei's gain in the previous session, although Kawasaki
Kisen  9107.T  gained 1.04% after raising its annual recurring
profit forecast more than fourfold on Tuesday.   urn:newsml:reuters.com:*:nXB18Q8ZVC
    
 
    

 (Reporting by Junko Fujita, Editing by Amy Caren Daniel)
 ((813-4563-2711, junko.fujita@thomsonreuters.com, Reuters
Messaging:junko.fujita.reuters.com@reuters.net;))