TOKYO: Japan’s Nikkei share average edged higher on Wednesday, buoyed by a rally in chipmakers and other tech stocks, although gains were capped by weakness in Nintendo and sauce makers.
The Nikkei 225 ended the day 0.16% higher after swinging between small gains and losses throughout the session in holiday-thinned trading. The broader Topix added 0.09%.
“The main players, foreign institutional investors, are out of the market for Christmas, and the action by individual investors is thin,” said a market participant at a domestic securities firm.
“For the next while, it looks like it’s going to be hard to find direction in this market.”
Sony was among the Nikkei’s top gainers, climbing 2.77% after its India unit finalised a deal with local rival Zee Entertainment to merge their television channels, film assets and streaming platforms.
Tokyo Electron was the biggest mover by index points, adding 0.74%, while fellow chipmaker Advantest advanced 1.41%.
Overnight, the U.S. Nasdaq 100 rallied 2.29%, and the Philadelphia SE Semiconductor index jumped 3.35%.
The Nikkei’s biggest mover was Shinsei Bank with a 5.94% gain after SBI Holdings, which recently completed a tender offer for Shinsei, said it’s worth pursuing the option of taking it private.
At the other end, sauce maker Ajinomoto slumped 2.13% to be the Nikkei’s worst performing stock, while peer Kikkoman lost 1.38%.
Nintendo declined 1.66%.
Toyota Motor cut losses into the close, but still ended 0.68% lower as it fell further after last week’s strong gains on beefed-up electric vehicle plans. Group supplier Denso slipped 0.87%.