AIRLINK 73.18 Increased By ▲ 0.38 (0.52%)
BOP 5.00 Decreased By ▼ -0.06 (-1.19%)
CNERGY 4.37 Increased By ▲ 0.04 (0.92%)
DFML 29.95 Decreased By ▼ -0.57 (-1.87%)
DGKC 91.39 Increased By ▲ 5.44 (6.33%)
FCCL 23.15 Increased By ▲ 0.80 (3.58%)
FFBL 33.50 Increased By ▲ 0.28 (0.84%)
FFL 9.92 Increased By ▲ 0.14 (1.43%)
GGL 10.35 Decreased By ▼ -0.05 (-0.48%)
HBL 113.01 Decreased By ▼ -0.61 (-0.54%)
HUBC 136.28 Increased By ▲ 0.08 (0.06%)
HUMNL 9.60 Decreased By ▼ -0.43 (-4.29%)
KEL 4.78 Increased By ▲ 0.12 (2.58%)
KOSM 4.72 Increased By ▲ 0.32 (7.27%)
MLCF 39.89 Increased By ▲ 1.54 (4.02%)
OGDC 133.90 Increased By ▲ 0.50 (0.37%)
PAEL 28.85 Increased By ▲ 1.45 (5.29%)
PIAA 25.00 Increased By ▲ 0.24 (0.97%)
PIBTL 6.94 Increased By ▲ 0.39 (5.95%)
PPL 122.40 Increased By ▲ 1.19 (0.98%)
PRL 27.40 Increased By ▲ 0.25 (0.92%)
PTC 14.80 Increased By ▲ 0.91 (6.55%)
SEARL 60.40 No Change ▼ 0.00 (0%)
SNGP 70.29 Increased By ▲ 1.76 (2.57%)
SSGC 10.42 Increased By ▲ 0.09 (0.87%)
TELE 8.85 Decreased By ▼ -0.20 (-2.21%)
TPLP 11.32 Increased By ▲ 0.06 (0.53%)
TRG 66.57 Increased By ▲ 0.87 (1.32%)
UNITY 25.20 Decreased By ▼ -0.05 (-0.2%)
WTL 1.55 Increased By ▲ 0.05 (3.33%)
BR100 7,676 Increased By 42.9 (0.56%)
BR30 25,471 Increased By 298.6 (1.19%)
KSE100 73,086 Increased By 427.5 (0.59%)
KSE30 23,427 Increased By 44.5 (0.19%)

Japan's Nikkei share average rose nearly 2% on Tuesday to its highest since late April, in a delayed response to a potential US-China trade deal outlined by President Donald Trump last week.

Investors also bid up construction shares after Typhoon Hagibis caused widespread damage in central and eastern Japan.

Reopening after a market holiday on Monday, the Nikkei rose 1.87% to 22,207.21 points, its biggest daily gain in more than a month.

The broader Topix gained 1.56% to 1,620.20, near a five-month closing high of 1,623.27 touched on Sept. 26.

Trump on Friday outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike, but officials on both sides said much more work needed to be done before an accord could be agreed.

Shippers, sensitive to global demand and developments in the US-China trade war, jumped 2.9%, with Kawasaki Kisen rising 5.8% and Mitsui OSK Lines 3.3%.

Semi-conductor related shares also soared.

Silicon wafer maker Sumco rose 5.3%, while Shinetsu Chemical gained 2.6% to 20-month highs.

Screen Holdings, maker of semiconductor manufacturing machines, rose up to 3.5% to hit a one-year high. Rohm also scaled a year high and ended 4.5% higher.

Industrial robot manufacturer Fanuc jumped 2.9%.

The construction sector gained 2.4%. Kitano Construction, based in Nagano, one of the worst hit areas by the typhoon, rose 13.2%.

Household appliance makers were also helped by hopes of fresh demand for goods such as refrigerators and washing machines.

Hitachi rose 2.7% while Panasonic gained 2.2% despite damage to one of its factories. Suzuki Motor , manufacturer of light automobiles, gained 4.4%.

SoftBank Group climbed 2.5% after media reports that SBG has prepared a financing package for WeWork Companies Inc that would give it control over the shared office space company.

Elsewhere, Ryohin Keikaku, operator of "Muji" brand stores, soared 8.3%, extending its rally after its June-August earnings beat market expectations last week.

Insurers gained despite the damaging typhoon, with Tokio Marine up 2.1%, MS&AD 2.4% and Sompo Japan 2.1%.

Despite broad gains on Tuesday, many investors remained cautious on the trade outlook due to a dearth of details on the agreement between the United States and China.

"The market mood has changed but the trade situation hasn't actually changed much," said Masayuki Doshida, senior market analayst at Rakuten Securities.

Copyright Reuters, 2019

Comments

Comments are closed.