Japanese shares track Wall Street gains; tech shares shine
25/02/2022 02:19
TOKYO, Feb 25 (Reuters) - Japanese shares rose on Friday for
the first time in six sessions, with heavyweight technology
stocks leading the charge, as the market tracked a sharp rebound
on Wall Street overnight.
By 0148 GMT, the Nikkei share average .N225 was up 1.5% at
26,346.52, but was set to lose 2.9% for the week. The broader
Topix .TOPX rose 0.69% to 1,869.19 and was on course to post a
2.8% weekly loss.
On Wall Street, U.S. stocks ended sharply higher, led by a
3% gain in the Nasdaq, marking a dramatic market reversal as
U.S. President Joe Biden unveiled harsh new sanctions against
Russia after Moscow began an all-out invasion of Ukraine. .N
"Japanese market made a big reversal from sharp losses in a
short period of time," Seiichi Suzuki, chief equity market
analyst at Tokai Tokyo Research Institute said, adding that the
rebound, however, seems to be a little too strong given declines
in the Nasdaq futures.
Chip-related stocks Tokyo Electron 8035.T and Advantest
6857.T led the Nikkei's gains, jumping 4.06% and 6.19%,
respectively. Technology start-up investor SoftBank Group
9984.T climbed 4.98% and medical platform services firm M3
2413.T rose 4.5%.
Oil explorers sub-index .IMING.T , down 5.4%, was the worst
performing sector among the 33 industry subindexes of the Tokyo
Stock Exchange, with Inpex 1605.T losing 5.61%.
Banks .IBNKS.T and insurers .IINSU.T also fell 2.21% and
3.27%.
There were 134 advancers on the Nikkei index against 85
decliners.
The volume of shares traded on the Tokyo Stock Exchange's
main board was 0.59 billion, compared to the average of 1.28
billion in the past 30 days.
(Reporting by Junko Fujita; editing by Uttaresh.V)
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