Japan's Nikkei rises as investors pick up beaten-down tech shares
05/07/2022 03:58
TOKYO, July 5 (Reuters) - Japan's Nikkei rose on Tuesday as
investors bought back beaten-down technology stocks, with
sentiment underpinned by gains in U.S. futures.
By 0220 GMT, the Nikkei share average .N225 was up 0.9% at
26,399.73. The broader Topix .TOPX had gained 0.5% to
1,879.01.
"Investors took a fresh view on technology and growth stocks
as U.S. yields stabled. They were buying back shares that fell
too much." said Shoichi Arisawa, general manager of the
investment research department at IwaiCosmo Securities.
U.S. President Joe Biden considering scrapping tariffs on a
range of Chinese goods to curb inflation also lifted overall
sentiment, Arisawa said. urn:newsml:reuters.com:*:nL1N2Y80E6
With U.S. markets closed due to a holiday on Monday,
European stocks .STOXX rallied 0.8% and Britain's FTSE .FTSE
rose over 1%. MKTS/GLOB
Back in Japan, Uniqlo owner Fast Retailing 9983.T rose
2.89% to become the biggest boost for the Nikkei on Tuesday.
Technology investor SoftBank Group 9984.T rose 1.89% and chip
making equipment maker Tokyo Electron 8035.T gained 0.68%.
Mobile phone services provider KDDI 9443.T climbed 1.23%,
rebounding from a previous session's loss, which was fuelled by
a system failure that affected almost 40 million users.
nationwide. urn:newsml:reuters.com:*:nL1N2YL00B
Rakuten Group 4755.T added 1.62% after the e-commerce firm
said it has applied to list its online banking unit on the Tokyo
Stock Exchange. urn:newsml:reuters.com:*:nL1N2YM014
Shipping firms were weak, with Kawasaki Kisen Kaisha
9107.T losing 4.13 % and Mitsui O.S.K. Lines 9104.T falling
2.26% to become the top losers on the Nikkei.
Game maker Konami Group 9766.T fell 2.2%.
(Reporting by Junko Fujita; editing by Uttaresh.V)
((813-4563-2711, junko.fujita@thomsonreuters.com, Reuters
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