TOKYO (AFP) – Tokyo stocks advanced yesterday in thin festive trading, following gains by United States (US) tech shares last week.
The benchmark Nikkei 225 index added 0.26 per cent, or 84.98 points, to 33,254.03, while the broader Topix index edged up 0.04 per cent, or 0.97 points, to 2,337.40.
While trading slowed heading into the festive season, global investors generally continued to buy shares in the belief that the US economy will achieve a “soft landing” and that the Federal Reserve may turn to rate cuts in the coming year, Nomura Securities said.
Many markets were expected to stay quiet over the holiday period, with stock markets throughout most of Asia closed yesterday.
Some players may be looking for an opportune time to sell stocks, as US shares have gained steadily in recent weeks, Nomura added.
High-tech shares attracted buyers after the Nasdaq advanced last week, while players also cheered the forex market regaining relative calm, IwaiCosmo Securities said.
“The market opened higher in the morning, but it gradually came to face selling pressure as investors sold their shares to adjust positions with only a limited number of participants,” the brokerage said.
The relative strength of Shanghai shares provided support for Tokyo shares, it added.
The Shanghai Composite Index shed earlier losses and ended up 0.14 per cent or 4.04 points to 2,918.81.
Among major Tokyo shares, Toyota added 0.83 per cent to JPY2,537. SoftBank Group rose 1.25 per cent to JPY6,099.
Sony Group added 1.04 per cent to JPY13,120.
Nintendo gave up earlier gains and fell 0.17 per cent to JPY6,934.
Mitsubishi UFJ Financial Group also lost 0.74 per cent to JPY1,207.
Energy developer Inpex rose 0.29 per cent to JPY1,934.
Uniqlo operator Fast Retailing firmed 0.62 per cent to JPY35,830.
