TOKYO: Japan’s Nikkei share average snapped a 6-session losing streak on Friday as AI-related shares rebounded, although gains were limited by caution ahead of corporate earnings reports and US midterm elections.
The Nikkei rose 1.39 percent to 65,324.29 after a near 5 percent drop in the previous session. The index fell 5.37 percent for the week.
The broader Topix rose 1.67 percent to 4,066 but fell 0.95 percent for the week.
“The shares rebounded as investors bought back stocks after sharp losses in the previous session… there were no other factors for the gains,” said Daisuke Hashizume, senior strategist at Daiwa Securities.
“Market players see little reason to buy shares aggressively ahead of the release of corporate earnings and the US midterm elections next month.”
Markets are watching whether the election outcome will affect US President Donald Trump’s proposals for USD5,000 payouts for US adults and higher military spending, said Hashizume.
Comments