AIRLINK 81.10 Increased By ▲ 2.55 (3.25%)
BOP 4.82 Increased By ▲ 0.05 (1.05%)
CNERGY 4.09 Decreased By ▼ -0.07 (-1.68%)
DFML 37.98 Decreased By ▼ -1.31 (-3.33%)
DGKC 93.00 Decreased By ▼ -2.65 (-2.77%)
FCCL 23.84 Decreased By ▼ -0.32 (-1.32%)
FFBL 32.00 Decreased By ▼ -0.77 (-2.35%)
FFL 9.24 Decreased By ▼ -0.13 (-1.39%)
GGL 10.06 Decreased By ▼ -0.09 (-0.89%)
HASCOL 6.65 Increased By ▲ 0.11 (1.68%)
HBL 113.00 Increased By ▲ 3.50 (3.2%)
HUBC 145.70 Increased By ▲ 0.69 (0.48%)
HUMNL 10.54 Decreased By ▼ -0.19 (-1.77%)
KEL 4.62 Decreased By ▼ -0.11 (-2.33%)
KOSM 4.12 Decreased By ▼ -0.14 (-3.29%)
MLCF 38.25 Decreased By ▼ -1.15 (-2.92%)
OGDC 131.70 Increased By ▲ 2.45 (1.9%)
PAEL 24.89 Decreased By ▼ -0.98 (-3.79%)
PIBTL 6.25 Decreased By ▼ -0.09 (-1.42%)
PPL 120.00 Decreased By ▼ -2.70 (-2.2%)
PRL 23.90 Decreased By ▼ -0.45 (-1.85%)
PTC 12.10 Decreased By ▼ -0.89 (-6.85%)
SEARL 59.95 Decreased By ▼ -1.23 (-2.01%)
SNGP 65.50 Increased By ▲ 0.30 (0.46%)
SSGC 10.15 Increased By ▲ 0.26 (2.63%)
TELE 7.85 Decreased By ▼ -0.01 (-0.13%)
TPLP 9.87 Increased By ▲ 0.02 (0.2%)
TRG 64.45 Decreased By ▼ -0.05 (-0.08%)
UNITY 26.90 Decreased By ▼ -0.09 (-0.33%)
WTL 1.33 Increased By ▲ 0.01 (0.76%)
BR100 8,052 Increased By 75.9 (0.95%)
BR30 25,581 Decreased By -21.4 (-0.08%)
KSE100 76,707 Increased By 498.6 (0.65%)
KSE30 24,698 Increased By 260.2 (1.06%)

TOKYO: Japanese shares jumped on Wednesday to their highest level in nearly 34 years, as chip-related shares tracked gains in US technology stocks, while a weaker yen boosted exporters.

By 0151 GMT, the Nikkei index had risen 1.6% to 34,316.66, crossing the 34,000 level for the first time since March 1990.

The broader Topix climbed 1.12% to 2,440.03, also hitting its highest since March 1990.

“The Nikkei rallied to the 34,000 level and that prompted investors to buy more stocks,” said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.

The S&P 500 and Dow closed lower overnight, but the technology-heavy Nasdaq edged higher.

“The weaker yen was also a tailwind for Japanese stocks. This came after the yen’s gain against the dollar weighed on sentiment and limited the Nikkei’s gains at the end of last year,” said Shuutarou Yasuda, a market analyst at Tokai Tokyo Research Institute.

The dollar rose against the yen overnight as investors awaited US inflation data due on Thursday for clues on the Federal Reserve’s interest rate path.

Tokyo stocks open lower

A softer yen tends to help exporter shares as it increases the value of overseas profits in yen terms when firms repatriate them to Japan.

Uniqlo-brand clothing retail chain operator Fast Retailing rose 2.64% to become the biggest boost for the Nikkei.

Chip-making equipment maker Tokyo Electron gained 2.01% and ceramics maker Kyocera climbed 5%.

Drug maker Daiichi Sankyo rose 5% to become the biggest boost for the Topix.

Game maker Nintendo rose 3.87% and audit equipment and camera maker Sony Group rose 1.99%. Medical equipment maker Olympus advanced 5.9% to become the biggest percentage gainer on the Nikkei.

Comments

200 characters