Roundup: Tokyo stocks rise over firm tech shares

0 Comment(s)Print E-mail Xinhua, October 19, 2021
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TOKYO, Oct. 19 (Xinhua) -- Tokyo stocks rose Tuesday, supported by firm technology shares, despite their move in a tight range in the afternoon as investors awaited reports of corporate earnings which start next week.

The 225-issue Nikkei Stock Average finished up 190.06 points, or 0.65 percent, from Monday at 29,215.52.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange ended 7.34 points, or 0.36 percent, higher at 2,026.57.

Gaining issues were led by precision instrument, marine transportation, and information and communication issues.

Shares increased from the outset on heavyweight technology issues, following the tech-heavy U.S. Nasdaq index's overnight advance, and the robust Shanghai and Hong Kong markets also helped improve investor sentiment, brokers said.

However, the Tokyo stock market lacked momentum for further gains, as investors awaited the upcoming results of corporate for the April-September period and their full-year outlook, brokers said.

"Focus is on how many companies will revise upward their earnings forecasts for the full year (through March) and how the recent weaker yen and higher oil prices will affect their earnings," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co.

Investors are also closely watching the outcome of the general election on Oct. 31, waiting to see whether the government of Prime Minister Fumio Kishida will last for a long time, Ichikawa said.

Campaigning for the election started on Tuesday, with Kishida seeking authorization for his COVID-19 and economic policies and the opposition parties united to loosen the power of the ruling coalition.

In the First Section, advancers outnumbered decliners 1,115 to 962, while 107 finished unchanged.

Among chip-related issues, Tokyo Electron gained 1.9 percent and Advantest advanced 1.8 percent.

Sensor maker Keyence increased 2.1 percent and electronic component provider TDK rose 2.4 percent.

Sony Group climbed 0.4 percent after the company said an online gaming division under the wing of its U.S. unit Sony Pictures Entertainment Inc. will be sold to American mobile game company Scopely Inc. for 1 billion U.S. dollars.

Trading volume on the main section declined to 992.79 million shares from Monday's 1,084.98 million shares. Enditem

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