Japanese shares edge up as banks gain amid easing crisis fear

Resona Holdings

28/03/2023 04:01

TOKYO, March 28 (Reuters) - Japanese shares traded
higher on Tuesday, lifted by banking shares after U.S. lender
First Citizens BancShares's acquisition of the assets of failed
peer Silicon Valley Bank eased worries about the global
financial system.
    The Nikkei  .N225  inched up 0.07% to 27,497.45 by the
midday break, while the broader Topix  .TOPX  edged up 0.3% to
1,967.76. 
    "Bank stocks lifted the market today, but investors sold
shares that had outperformed in previous sessions, which limited
the overall gains," said Shoichi Arisawa, general manager of the
investment research department at IwaiCosmo Securities.
    "Investors still remain concerned about a potential banking
crisis and uncertainties about the economy in the U.S. and
Europe." 
    The banking index  .IBNKS.T  rose 2.67%, with Resona
Holdings  8308.T  jumping 5.12% to become the top gainer on the
Nikkei. 
    Mizuho Financial  8411.T  rose 3.36%, Sumitomo Financial
Group  8316.T  advanced 3.02% and Mitsubishi UFJ Financial Group
 8306.T  gained 2.47%. 
    Overnight, First Citizens BancShares  FCNCA.O  said it would
take on the deposits and loans of Silicon Valley Bank  SIVB.O. ,
offering a respite to the markets after weeks of turmoil.
    Oil explorers  .IMING.T  rose 2.68% to become the top
gainers on the Tokyo Stock Exchange's 33 industry sub-indexes. 
    Heavyweight chip-related shares weighed on the Nikkei, with
Tokyo Electron  8035.T  losing 0.92%, Advantest  6857.T 
slipping 1.09% and Shin-Etsu Chemical  4063.T  falling 0.93%.
    Airlines  .IAIR.T  fell 0.16% after rising 0.9% in the
previous session, while the railway sector lost 0.37% after
gaining 1.8% in the previous session.
    Of the Nikkei components, 136 rose and 78 fell, while 10
were flat.
    The volume of shares traded on the Tokyo Stock Exchange's
main board was 0.52 billion, compared to the average of 1.28
billion in the past 30 days. 
    

 (Reporting by Junko Fujita; Editing by Sonia Cheema)
 ((junko.fujita@thomsonreuters.com;))