Roundup: Tokyo stocks close higher on buying in real estate, high-tech shares

0 Comment(s)Print E-mail Xinhua, November 27, 2020
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TOKYO, Nov. 27 (Xinhua) -- Tokyo stocks closed higher Friday, as buying in real estate and high-tech issues wiped out initial losses on the yen's rise.

The 225-issue Nikkei Stock Average increased 107.40 points, or 0.40 percent, from Thursday at 26,644.71, hitting a fresh 29-year high.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, gained 8.27 points, or 0.47 percent, to finish at 1,786.52.

By the close of play, nonferrous metal, pharmaceutical and electric appliance issues comprised those that increased the most, and advancing issues outnumbered decliners 1,500 to 608 on the First Section, while 68 finished unchanged.

The U.S. dollar fell to the upper 103 yen zone with worries growing over a recent resurgence of COVID-19 infections in Japan.

Yasutoshi Nishimura, Japan's minister in charge of COVID-19 response, said at a press conference Thursday that "we may be looking at another state of emergency" for hard-hit areas if the government panel's virus alert for them is raised to the highest level.

After under pressure from the firm yen, the Nikkei managed to reverse course and edged up in the afternoon.

"Mid- and long-term investors bought shares of companies related to technologies including electric vehicles and 5G communications, expecting higher profits in the next year," Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities Co., was quoted by local media as saying.

The market was also boosted by expectations that investors will move to reinvest their profits after receiving dividends for the first half of 2020, Yutaka Miura, senior technical analyst at Mizuho Securities Co. told local media.

Among the gainers, electric parts makers Nidec increased 525 yen, or 4.2 percent, to 13,175 yen and Murata Manufacturing climbed 128 yen, or 1.4 percent, to 9,062 yen.

Automakers were hit by the strong yen, with Toyota Motor falling 49 yen, or 0.7 percent, to 7,252 yen, while Nissan Motor shed 10.40 yen, or 2.0 percent, to 517.20 yen.

On the main section on Friday, 1,529.50 million shares changed hands, rising from Thursday's volume of 1,164.00 million shares. Enditem

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