TOKYO: Japan’s Nikkei stock index rose for a sixth straight session on Tuesday, posting its best winning run since September, as stronger oil prices lifted energy shares and financials gained on higher global bond yields.
The Nikkei closed 1.48% higher at 27,224.11, after touching its highest since Feb. 17. Earlier in the month, it had dipped to a 16-month low of 24,681.74.
Oil explorers led the advance with an 8.21% jump, followed by the insurance sector, which climbed 4.74% on gains in US Treasury yields. The banking sector rose 3.33%.
Oil and gas company Inpex was the Nikkei’s biggest percentage gainer, soaring 8.63%.
Mitsubishi Corp, which is engaged in energy among its many businesses, was next with a 6.89% rally, followed by peer Mitsui & Co, rising 6.32%.
The broader Topix gained 1.28% to 1,933.74, and marked a sixth straight winning session.
“There’s momentum building as investors continue to buy back stocks, but there’s also a sense of caution starting to emerge about the speed of the rally,” said a trader at a domestic securities firm.
“In times like these especially, you need to keep your eyes out for news on Ukraine and other sources of major uncertainty.”
Chip making equipment maker Tokyo Electron was the Nikkei’s biggest support in terms of index points, with a 1.92% advance. Phone company KDDI rose 2.54%.
Soy sauce maker Kikkoman was the biggest loser on the day, sliding 6.72%. Nisshin Group, a maker of cup noodle, fell 1.81%.
Comments
Comments are closed.