TOKYO: Japan’s Nikkei share average recouped early losses to end higher on Friday, underpinned by gains in US stock futures, as investors bought chip-related stocks and other undervalued shares.
The Nikkei rose 0.72% to close at 37,053.1, after falling as much as 0.5% earlier in the session. The index rose 0.45% for the week, snapping three consecutive weeks of losses.
“Investors bought back stocks as they wanted to recover losses in the previous session,” said Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Intelligence Laboratory.
On Thursday, the Nikkei gave up its 1.4% intraday gains to end lower.
The broader Topix rose 0.65% to 2,715.85.
Chip-testing equipment maker Advantest jumped 5.3% and chip-making equipment maker Tokyo Electron rose 0.75%. Fujikura, a cable maker and a gauge for data centre investments, surged 8.05%.
Shares of Canon climbed 2.74% after the Japanese camera maker launched plans to buy back up to 2.8% of its shares.
The upside of the Nikkei has been limited as market players are concerned about uncertainties about the US economy, said senior portfolio manager at GCI Asset Management.
Comments
Comments are closed for this article.