Japan’s Nikkei index exceeded the 40,000-point level for the first time early Monday after Japanese technology stocks followed their American counterparts and recorded significant increases.
The Nikkei Index quickly exceeded the level of 40,000 points, which is considered an important psychological barrier after the market opened, and in the first 15 minutes of trading, the Nikkei Index rose 237.73 points, or 0.60 percent, compared to Friday, to reach 40,148.55 points, according to what was reported by the Japanese Kyodo News Agency.
Nikkei records historic high
By midday close, the index reached 40,226.83 points, rising by 0.79 percent, while the broader Topix index fell 1.55 points, or 0.06 percent, to 2,707.87 points.
The index reached this historic level on the back of favorable corporate earnings amid a weak yen, which attracted domestic and foreign investments.
The shares of Advantest, a company that manufactures chip testing equipment, which counts the American company NVIDIA among its clients, rose by 3.9 percent, and the shares of the giant chip manufacturing equipment company Tokyo Electron Company gained 2.7 percent.
Shares of these two companies added 175 points to the Nikkei index during the morning session.
Precision instrumentation, mining and electrical appliances stocks led the Nikkei’s rise, while shipping, electric power and gas stocks were among the main decliners.
2024-03-04 05:25:00
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