TOKYO: Japan’s Nikkei share average advanced on Friday after the Dow notched a record closing high overnight, with technology stocks leading the gains.
The Nikkei rose 0.58% to 38,585.43 by the midday break, but was flat for the week.
The broader Topix climbed 0.56% to 2,708.08 and was up 0.3% for the week. “The Dow’s strong finish lifted domestic equities. Chip-related stocks rose despite a decline of the Nasdaq, which means Nvidia is no longer a market-moving cue,” said Naoki Fujiwara, senior general manager at Shinkin Asset Management.
The Dow posted a record-high close on Thursday in mixed trading following robust US economic data, while artificial intelligence chipmaker Nvidia dropped after its largely in-line forecast failed to impress investors.
The Nasdaq slipped 0.23%. Nvidia’s performance has been key for the Nikkei as most of its heavyweights are technology stocks. Chip-testing equipment maker Advantest jumped 2.67% to give the biggest boost to the Nikkei.
Chip-making equipment maker Tokyo Electron rose 0.57%.
Japan’s Topix hits 34-year peak as banks advance, tech rebounds
Technology start-up investor SoftBank Group gained 2.5%. Medical equipment maker Terumo 4543.T fell 2.9% to weigh on the Nikkei the most, after news that its shareholders plan to sell 73.2 billion yen ($505.56 million) worth of shares to overseas investors.
Home interior goods retailer Nitori Holdings, which relies on imports for most materials, fell 3% to become the biggest percentage loser on the Nikkei after the yen weakened on Thursday.
Nitori shares have risen 25% so far this month, buoyed by a stronger yen.
The Nikkei has declined 1.89% during the same period. Of the 225 Nikkei components, 138 stocks rose and 85 fell, with two trading flat.
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