admin On Friday, Tokyo stocks rose further with an overnight advance on Wall Street and progress in the U.S.-China trade talks.
The key market gauge jumped 535.11 points on Thursday, at the Tokyo Stock Exchange, the 225-issue Nikkei average advanced 110.70 points, or 0.47 percent, to end at 23,850.57. First section of all issues TSE Topix index closed up 6.11 points, or 0.35 percent, at 1,735.16 after climbing 27.65 points the previous day.
The Tokyo market opened higher with all-time highs scored by all three major U.S. stock indexes Thursday and a weaker yen following receding concerns over the U.S.-Iran tensions and increasing optimism on the trade front, brokers said.
In the morning the market came under pressure from a fall in clothing store chain Fast Retailing Co and profit-taking; whereas, the two Japanese indexes fluctuated slightly above Thursday’s closing levels in the afternoon, as investors retreated to the sidelines to wait for the release of U.S. employment data later Friday.
Nomura Securities Co.’s Investment Research & Investor Services Department’s Vice president Maki Sawada stated that the Nikkei’s climb on Friday was not as large as the day before as the market had already factored in the easing of the Middle East tensions, a main driver behind the U.S. stocks’ advance on Thursday.
Sumitomo Mitsui DS Asset Management Co. senior strategist Masahiro Ichikawa expressed as Fast Retailing pushed the Nikkei down by around 70 points temporarily.
Falling issues slightly outnumbered rising ones 1,076 to 977 on the TSE’s first section; however 107 issues were unchanged. Thursday, volume dropped to 1.091 billion shares from 1.146 billion.
After announcing a 4.9 percent rise in its consolidated operating profit for March-November 2019, Retail group Seven & I Holdings Co. climbed 3.70 percent.
Because of the furniture retailer’s share buyback plan, Shimachu Co. surged 10.84 percent.
Industrial robot producer Yaskawa Electric Corp. and parcel delivery service group SG Holdings Co. were among other major winners.
On the other hand, Fast Retailing sank 2.78 percent as the company’s downward revision to its operating profit outlook for the year to August disappointed market players.
Also sold were security firm Secom Co. and power supplier Chubu Electric Power Co. In index futures trading on the Osaka Exchange, the key March contract on the Nikkei average added 100 points to end at 23,800.
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