Japan's Nikkei touches more than a week high on hopes of strong US economy
25/11/2024 03:12
TOKYO, Nov 25 (Reuters) - Japan's Nikkei share average
touched its highest in more than one week on Monday, as
investors bought stocks expecting the U.S. economy to remain
strong.
The Nikkei .N225 climbed to 39,053.64, hitting its highest
since Nov. 15, before ending the morning session 1.53% higher at
38,868.68.
The broader Topix .TOPX was up 1.02% to 2,747.14.
"Overseas factors are important for Japanese stocks now as
we have not seen much market moving catalysts within Japan,"
said Fumio Matsumoto, chief strategist at Okasan Securities.
Wall Street closed higher on Friday, with all three major
indexes posting weekly gains, as investors took comfort from
data pointing to robust economic activity in the world's biggest
economy.
"But the gains of the Nikkei were capped on concerns about
the possible impact of the Republican President-elect Donald
Trump's policy on Japanese exporters," Matsumoto said.
Uniqlo owner Fast Retailing 9983.T jumped 2.9% to give the
biggest boost to the Nikkei.
Chip-making equipment maker Tokyo Electron 8035.T gained
3.6% and tech start-up investor SoftBank Group 9984.T added
3.72%.
Keisei Electric Railway 9009.T and Keikyu 9006.T surged
14.48% and 13.24%, respectively, after local media reported an
activist investor group is building up stake in the railway
operators.
The railway sector .IRAIL.T jumped 2.42% to become the top
gainer among the Tokyo Stock Exchange's (TSE) 33 industry
sub-indexes.
Chip-testing equipment maker Advantest 6857.T slipped
1.33% to weigh the most on the Nikkei. Phone company KDDI
9433.T fell 0.5%.
Of the more than 1,600 stocks on the TSE's prime market, 71%
rose, 24% fell and 3% traded flat.
(Reporting by Junko Fujita; Editing by Sumana Nandy)
((junko.fujita@thomsonreuters.com;))