Nikkei index records the highest closing level since November 2021
The Japanese Topix index closed at the highest level in 33 years today, Tuesday, after companies showed strong expectations during the results season, and stocks of companies related to chip manufacturing tracked the impact of the gains achieved by the Nasdaq index at the close of trading on Monday.
The broader Topix index on the Tokyo Stock Exchange rose 0.58% 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, marking the highest closing level since November 2021.
“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%.
Producers of chip manufacturing requirements led the gains in the Japanese market, as Tokyo Electron Co. jumped 4.23% and Advantest, a manufacturer of chip testing equipment, jumped 5.52%.
Recruit Holdings rose 3.46, supporting the Topix index even after the employment agency reported a drop in its annual profit.
Utilities sector shares rose 1.46%, leading gains among 33 sub-indices on the Tokyo Stock Exchange. And the shares of pharmaceutical companies increased 1.28%.
2023-05-16 09:17:52
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