Japan's Nikkei hits over 2-month high, tech shares lead gains

TDK

15/09/2023 04:07

TOKYO, Sept 15 (Reuters) - Japan's Nikkei share average
rose to its highest in more than two months on Friday, tracking
overnight gains in Wall Street, with technology stocks leading
the way after the strong market debut of SoftBank Group's Arm
Holdings.
    The Nikkei  .N225  was up 1.34% to 33,613.52 by the midday
break, its highest since July 3, and is set to rise 3% for the
week.
    The broader Topix  .TOPX  rose 1.25% to 2,435.62 and is on
course to post a 3.25% weekly gain. 
    "First of all, the market rose because Wall Street was
strong," said Shoichi Arisawa, general manager of the investment
research department at IwaiCosmo Securities.
    "And the strong debut of Arm has raised investor sentiment
and prompted them to buy chip-related shares."
    U.S. stocks ended sharply higher overnight as robust
economic data failed to budge expectations that the Federal
Reserve will leave its key interest rate unchanged next week.
 MKTS/GLOB 
    Adding to positive sentiment, SoftBank Group's  9984.T  Arm
 was valued at nearly $60 billion in a strong Nasdaq
debut overnight, with the chip designer's shares soaring nearly
25% in their first day of trading.
    Shares in SoftBank Group rose as much as 5% earlier in the
session but trimmed most of their gains to end the morning
session up 1.72%.     
    In Japan, chip-making equipment maker Tokyo Electron
 8035.T  rose 3.11% to give the biggest boost to the Nikkei.
Chip-testing making equipment maker Advantest  6857.T  gave up
early losses to edge up 0.15%.
    Sensor systems maker TDK  6762.T  rose 2.26% and air
conditioner maker Daikin Industries  6367.T  gained 2.26%.  
    Refiners  .IPETE.T  jumped 4% to become the top performer
among the Tokyo Stock Exchanges' 33 industry sub-indexes. Energy
explorers  .IMING.T  rose 2.97% and the utility sector gained
2.74%.
    Retailers  .IRETL.T  and airlines  .IAIRL.T  were the only
sectors that fell.
   

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