The Nikkei stock index rose more than 2% on Wednesday, led by technology stocks, stock data for April 24 showed.
Japan’s 225-issue Nikkei benchmark index soared 907.92 points, or 2.42%, on Tuesday, its biggest daily gain since March 18, to 38,460.08. The second Japanese index, the Topix, closed with a rise of 44.50 points (1.67%), standing at 2,710.73.
In the stock market section of first-tier shares (Prime), those that led the growth were the shares of companies that manufacture precision tools, household appliances and transportation equipment.
Growth leaders: Renesas Electronics Corp (+10.54%), Nikon Corp (+10.33%) and Tokyo Electron (+7.11%).
Top losers: Resonac Holdings (-8.65%), IHI Corp (-5.70%) and Asahi Kasei Corp (-2.27%).
Tokyo stocks rose for a third straight day as big tech stocks were bought after their U.S. peers rose overnight, and some of those companies posted positive earnings results that helped the Nikkei index recover to 38,000.
The index continued to rise in the afternoon, helped by gains in other Asian markets and US technology futures.
“Strong earnings results from US technology companies have had a big impact on current growth. Releases from major companies are also expected this afternoon,” said Kazuo Kamitani, investment content strategist at Nomura Securities.
Export-linked automobile and engineering stocks also rose sharply as heavy buying in technology stocks helped lift overall sentiment, he said.
Analysts said market participants are now focused on this week’s major events, including the expected release of U.S. gross domestic product data on Thursday and the Bank of Japan’s two-day monetary policy meeting, which ends on Friday.
Among the most traded stocks in Japan, the lead for the seventh day is held by the shares of Nippon Telegraph & Telephone Corp (168.97 million), (202nd trading day at the top). In second place for the second day were shares of Japan’s largest energy company, Tokyo Electric Power Co (TEPCO) (56.11 million), (49 pence). The shares of the automobile manufacturer Nissan Motor (49.28 million), (3d) rose to third position. Shares of a regular at the top, the country’s largest financial group, Mitsubishi UFJ Financial Group (40.92 million), fell to fourth place. On the third day, shares of Mitsubishi Heavy Industries (32.76 million) (20d) closed the list of the top five business leaders.
The total trading volume of shares of the Japanese market leaders today increased significantly and amounted to 348.04 million.
Source: Rossa Primavera
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