Japanese shares rise on energy, financials boost
06/05/2022 04:18
TOKYO, May 6 (Reuters) - Japanese shares inched higher on
Friday as financials and energy stocks gained, while the
technology sector tracked sharp overnight falls on Wall Street.
The Nikkei share average .N225 rose 0.12% to 26,850.53 by
the midday break, after trading mostly in negative territory.
The broader Topix .TOPX rose 0.55% to 1,908.74.
"Technology and growth shares fell on Wall Street losses and
a rise in U.S. Treasury yields," said Shogo Maekawa, global
market strategist, J.P. Morgan Asset Management.
U.S. stocks ended sharply lower overnight, amid a broad
sell-off, as sentiment cratered in the face of concerns that the
Federal Reserve's interest rate hike the previous day would not
be enough to tame surging inflation. .N
There were some gainers in Japanese equities. Investors
bought shares that are resilient amid inflation, such as
commodities and banking shares, Maekawa said.
Oil explorers .IMING jumped 5.08% as oil prices rose,
while banking sector .IBNKS.T added 2.77%.
Automaker Toyota Motor 7203.T provided the biggest boost
to the Topix, rising 1.93%. Banking group Mitsubishi UFJ
Financial Group 8306.T climbed 2.74% and trading firm Mitsui &
Co 8031.T jumped 5.03%.
Looking ahead, investors are cautious ahead of major U.S
economic data.
The U.S. Labor Department will release the closely watched
monthly employment report this evening that would clues on
labour market strength.
Technology start-up investors SoftBank Group 9984.T fell
2.48% and staffing agency Recruit Holdings 6098.T lost 3.48%.
Cosmetic maker Shiseido 4911.T was the biggest loser on
the Nikkei, falling 7.67%.
Eisai 4523.T fell 2.56% after the drugmaker cut its annual
profit forecast after Biogen BIIB.O pulled back on selling its
controversial Alzheimer's drug Aduhelm. urn:newsml:reuters.com:*:nL3N2WV1FR
(Reporting by Junko Fujita; editing by Uttaresh.V)
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