Economy 2 MIN READ

Japan’s Nikkei gains as retailers surge on tourism boost, chip stocks rebound

April 20, 2023By Reuters

Japan’s Nikkei share average rose on Thursday, clawing back losses from the previous day as retailers surged from an increase in foreign visitors and semiconductor shares rebounded from early declines.

The Nikkei added 0.18% to 28,657.57, finishing near the day’s high after starting out in the red, and putting it not far from Tuesday’s nearly six-week high of 28,698.22.

The broader Topix  remained slightly in the red at the end of trading though, losing 0.03% to 2,039.73.

“Although the market is cautious after the Nikkei reached a high on Tuesday, there isn’t really any major negative news to drive a decline,” said Maki Sawada, a strategist at Nomura Securities.

Investors will be closely watching chip-making equipment maker Disco Corp earnings later in the day, she said.

Chip-making equipment giant Tokyo Electron Ltd  rose 1.75% and chip-testing equipment maker Advantest Corp gained 2.2%, adding 27 and 27 index points respectively to the Nikkei’s tally to be the no. 2 and 3 supports. They began the day in the red, tracking declines in US peers.

Uniqlo store operator Fast Retailing Co Ltd delivered about 46 points with a 1.4% advance.

Fellow retailer Takashimaya Co Ltd was the biggest percentage gainer, jumping 3.71%.

Among Tokyo Stock Exchange industry sectors, banking and insurance  were among the best performers, rising around 0.4% each.

Paper & pulp was the top performer, up 1%, while mining led losers with a 0.85% slide.

Startup investor SoftBank Group Corp  was the Nikkei’s biggest drag, shaving off 17 index points with a 1.64% retreat.

On the Nikkei, 128 stocks advanced and 88 fell, with nine flat.

(Reporting by Kevin Buckland; Editing by Varun H K)

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