Nikkei snaps 3-session slide on Wall Street rally, posts weekly gain
27/05/2022 07:53
TOKYO, May 27 (Reuters) - Japan's Nikkei snapped three
straight sessions of losses on Friday, tracking an overnight
Wall Street rally, although gains were limited as investors
started selling stocks when the benchmark index approached the
27,000 psychological level.
The Nikkei share average .N225 rose 0.66% to close at
26,781.68 and ended 0.16% higher for the week. The broader Topix
.TOPX climbed 0.52% to 1,887.30 and posted a weekly gain of
0.53%.
Wall Street closed sharply higher overnight after optimistic
retail earnings outlooks and waning concerns about overly
aggressive interest rate hikes by the U.S. Federal Reserve put
investors in a buying mood. .N
"Wall Street's strong finish lifted Japanese markets, but
investors sold shares as soon as the Nikkei got close to the
27,000 level to book profits," said Ikuo Mitsui, a fund manager
at Aizawa Securities.
"They were concerns about risks stemming from high U.S.
inflation and its effect on interest rates."
Nippon Yusen 9101.T jumped 6.4% after the shipping firm
announced a stock split. urn:newsml:reuters.com:*:nFWN2XH145
The shipping sector .ISHIP.T added 4.88% and was the top
gainer among the Tokyo Stock Exchange's 33 industry sub-indexes.
Shares of companies related to inbound tourism rose as Japan
eases its border control to allow more tourists. urn:newsml:reuters.com:*:nT9N2UF02J
Department store chains J.Front Retailing 3086.T and
Takashimaya 8233.T rose 4.7%% and 4.11%, respectively.
Discount store Don Quijote operator Pan Pacific
International Holdings 7532.T surged 9.34%.
Gas provider Osaka Gas 9532.T fell 3.02% and was the worst
performer in the Nikkei, followed by medical services platform
M3 Inc 2413.T , which fell 2.81% and trading firm Marubeni
8002.T , losing 2.56%.
There were 143 advancers ion the Nikkei index against 80
decliners.
(Reporting by Junko Fujita; Editing by Subhranshu Sahu and
Sherry Jacob-Phillips)
((813-4563-2711, junko.fujita@thomsonreuters.com, Reuters
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