Japan's Nikkei edges higher as shipper gains outweigh retailer losses
26/12/2023 06:28
(Updates with closing prices)
By Kevin Buckland
TOKYO, Dec 26 (Reuters) - Japan's Nikkei share average
edged higher on Tuesday as gains for shippers and chip stocks
outweighed declines for retailers.
Overall, though, the market fluctuated in very narrow ranges
amid a dearth of trading cues and with many market participants
away for year-end holidays.
The Nikkei .N225 finished 0.16% higher at 33,305.85, while
the broader Topix .TOPX added 0.06%.
"You don't get a sense of any real direction from movements
in the stock market today," said Maki Sawada, a strategist at
Nomura Securities.
"The Nikkei feels like its latched closely to the previous
day's closing level," as thin trading conditions continue with
many market participants absent, she said.
Volume of trade was about 680 million shares on Tuesday,
after dropping to an eight-month low of 590 million shares on
Monday.
Shippers .ISHIP.T saw a volatile session, but ended as the
best performer among the Tokyo Stock Exchange's 33 industry
groups, gaining 1.2%. Nippon Yusen 9101.T rose 1.63% and
Mitsui O.S.K. Lines 9104.T advanced 1.53%.
Chip stocks turned higher in the afternoon, with Tokyo
Electron 8035.T and Advantest 6857.T ending the day as the
biggest points gainers on the Nikkei, with respective 1.1% and
1.62% rises.
At the other end, Odakyu Electric Railway 9007.T , which
operates department stores as well as trains, lost 4.22% to be
the Nikkei's biggest percentage decliner.
Retailer Takashimaya 8233.T was next with a 3.16% drop,
despite reporting solid earnings after Monday's market close. It
had climbed 2.36% the previous day in the run-up to the results.
J. Front Retailing 3086.T fell 2.53%, ahead of its own
financial report after Tuesday's close.
Uniqlo store owner Fast Retailing 9983.T sank 0.39%, which
was enough to make it the Nikkei's biggest points decliner due
to its outsized weighting.
(Reporting by Kevin Buckland; Editing by Sonia Cheema and
Mrigank Dhaniwala)
((Kevin.Buckland@thomsonreuters.com;))