Japanese shares rise on Wall Street optimism, strong earnings
15/08/2022 04:39
TOKYO, Aug 15 (Reuters) - Japanese shares rose on Monday,
catching the tailwind from a bounce on Wall Street, as upbeat
corporate earnings lifted risk appetite and prompted investors
to scoop up stocks.
The Nikkei .N225 jumped 0.99% to 28,830.90 by the midday
break. The benchmark extended gains after hitting a seven-month
high on Friday.
The broader Topix .TOPX was up 0.51% at 1,983.22.
Wall Street closed higher on Friday, as signs that inflation
may have peaked in July increased investor confidence a bull
market could be underway and spurred the S&P 500 and the Nasdaq
to post their fourth straight weekly gain. .N
"There was an optimism in U.S. equities market in the
previous session. That has promoted investors to make bets on
stocks that had been sold off but reported strong earnings,"
said Ikuo Mitsui, fund manager at Aizawa Securities.
Investors appeared to show scant response to data on Monday
that signalled Japan's economy rebounded at a
slower-than-expected pace in the second quarter from a
COVID-induced slump. urn:newsml:reuters.com:*:nL4N2ZO03Q
"Investors are now trying to gauge whether the market has
recovered, or there would be another retreat. But today it seems
they are making positive bets."
Shares of Pan Pacific International Holdings 7532.T surged
14.91% after the operator of discount store Don Quijote raised
its annual profit forecast. urn:newsml:reuters.com:*:nXB020456F
Drugstore chains were also trading higher, with
Matsukiyococokara 3088.T rising 5.64% after the company
reported gains in its quarterly profit and a share buyback.
urn:newsml:reuters.com:*:nFWN2ZO10P
Peer Sundrug 9989.T jumped nearly 10% after increasing its
dividend payout forecast. urn:newsml:reuters.com:*:nXB0ZGPO6A
Daiichi Sankyo 4568.T surged 15.04% after U.S. drugmaker
Seagen SGEN.O said an arbitrator had ruled in favor of the
Japanese drugmaker over an agreement between the two companies
for using its drug technology. urn:newsml:reuters.com:*:nL4N2ZO3F7
Daiichi Sankyo provided the biggest boost to the Nikkei,
followed by technology investor SoftBank Group 9984.T , which
rose 4.85%.
Uniqlo clothing store owner Fast Retailing 9983.T climbed
0.79%
Bucking the upbeat mood, shares of Snow Peak 7816.T tanked
14.72% after the camping gear retailer cut its annual profit
forecast. urn:newsml:reuters.com:*:nXB0KU6EKN
(Reporting by Junko Fujita; Editing by Sherry Jacob-Phillips)
((813-4563-2711, junko.fujita@thomsonreuters.com, Reuters
Messaging:junko.fujita.reuters.com@reuters.net;))