Japan’s Nikkei rises to record high on tech boost
- The Nikkei initially struggled for direction in early Asian trade but was last up 0.5% at 59,644.37
TOKYO: Japan’s Nikkei share average hit a record high on Wednesday, supported by a handful of heavily weighted tech stocks such as SoftBank Group, though uncertainty over U.S.-Iran peace talks tempered sentiment.
The Nikkei initially struggled for direction in early Asian trade but was last up 0.5% at 59,644.37. The broader Topix fell 0.6% to 3,747.69.
Heavily weighted stocks supported the benchmark index, with tech investment conglomerate SoftBank Group rising 9.3% and chip-testing equipment maker Advantest advancing 2.2%. Together, they lifted the index by about 385 and 156 points, respectively.
“While some stocks related to artificial intelligence, data centres and semiconductors are driving gains, the number of stocks rising overall is not that large. That kind of pattern seems to be continuing today as well,” said Kensuke Togashi, chief strategist at Daiwa Asset Management.
US President Donald Trump said on Tuesday he would indefinitely extend the ceasefire with Iran, hours before it was set to expire, to allow the two countries to continue peace talks to end the conflict. It was not immediately clear whether Tehran or the US ally Israel would agree to the extension.
There were 42 advancers on the Nikkei index against 181
decliners.
On the flip side, Sapporo Holdings shed 6.1% to become Nikkei’s biggest percentage loser, after the Japanese brewer said it would exit the craft beer business in the US and sell Stone Brewing just four years after acquiring it.
Video games and entertainment company Konami Group lost 3.7%, and gold and nickel mining company Sumitomo Metal Mining declined 3.2%.
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