The Japanese Topix index closed at the highest level in 33 years, Tuesday, after companies showed strong expectations during the results season, and stocks of companies related to chip manufacturing tracked the gains made by the Nasdaq index at the end of Monday’s trading session.
“Investors, both at home and abroad, have changed their view of Japanese stocks, as their expectations have become generally strong, while companies are trying to improve their stock indexes,” said Shuichi Arisawa, general manager of investment research at Iwai Cosmo.
Shares of major chip-related companies tracked gains in US semiconductor stocks, which boosted the Nasdaq index.
The Standard & Poor’s 500 and Dow Jones closed Monday’s session with modest gains, while the Nasdaq rose 0.66 percent.
market performance
The broader Topix index on the Tokyo Stock Exchange rose 0.58 percent to close at 2,127.18 points, the highest level since August 1990.
The Nikkei index also extended its gains, rising 0.73% to 29,842.99 points, its highest closing level since November 2021.
Producers of chip manufacturing supplies led the gains in the Japanese market, as “Tokyo Electron” jumped 4.23 percent, and “Advantest” for the manufacture of chip testing equipment jumped 5.52 percent.
Recruit Holdings rose 3.46 to support the Topix index even after the employment agency reported a drop in its annual profit.
Utilities sector shares rose 1.46% to lead the gainers among 33 sub-indices on the Tokyo Stock Exchange. Pharmaceutical shares rose 1.28%.
2023-05-16 08:24:07
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