Roundup: Japan's Nikkei closes higher on Wall Street's lead, China-linked shares advance

0 Comment(s)Print E-mail Xinhua, May 16, 2022
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TOKYO, May 16 (Xinhua) -- Japan's benchmark Nikkei stock index closed higher Monday, following a solid performance by U.S. shares late last week, with China-related issues getting a boost following reports of an upcoming easing of COVID-19 restrictions in Shanghai.

The 225-issue Nikkei Stock Average added 119.40 points, or 0.45 percent, from Friday to close the day at 26,547.05.

The broader Topix index, meanwhile, dropped 0.94 point, or 0.05 percent, to finish at 1,863.26.

On the top-tier Prime Market, gainers were led by warehousing and harbor transportation service, and service issues, while iron and steel, and nonferrous metal issues led decliners.

Local brokers said that buying got off to an upbeat start following a solid lead from Wall Street's tech-driven rally late last week.

They added that sentiment was enhanced further following reports of an easing of COVID-19 restrictions in Shanghai in the near future.

The news was a boon for investors, dealers here said, as some Japanese retailers and automakers had been affected by the lockdown amid broader supply chain issues.

"Market participants welcomed the news as it provided a timeline for when they can expect the restrictions to be eased and reduced uncertainty over the situation surrounding Shanghai," Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co., was quoted as saying.

By the close of play, harbor transportation service, and service issues comprised those that gained the most, while iron and steel, and nonferrous metal issues led those that declined the most.

Stocks that fell outpaced those that rose by 1,172 to 634 on the Prime Market, while 31 ended the day unchanged.

Issues with a broad exposure to the Chinese market found favor, with Fast Retailing, operator of the Uniqlo chain of casual clothing stores, adding 1.8 percent, while industrial machinery maker Yaskawa Electric gained 1.6 percent.

Automakers were a mixed bag Monday, with Yamaha tanking 9.1 percent, following the firm releasing earnings results Friday that came in well below median market expectations, similarly, Honda reversed 4.8 percent.

Mazda, for its part, however, accelerated 5.6 percent by the close.

Mobile carrier and telecommunication firm KDDI climbed 3.9 percent, after announcing Friday a hefty share buyback program.

NTN Corp. was another notable winner, surging 11.7 percent, with the precision parts maker becoming the Nikkei's biggest percentage gainer.

On the Prime Market on Monday, 1,500.49 million shares changed hands, dropping from Friday's volume of 1,648.18 million shares.

The turnover on the first trading day of the week came to 3,175.93 billion yen (24.56 billion U.S. dollars). Enditem

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