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Japan shares mixed but signs point to more upside potential

Published 25/12/2020, 07:10
© Reuters.

By Stanley White
TOKYO, Dec 25 (Reuters) - Japanese shares ended mixed in
holiday-thinned trade on Friday but some investors bought
pro-cyclical stocks that are expected to perform well next year
as the global economy recovers from the coronavirus pandemic.
The Nikkei 225 Index .N225 ended down 0.04% at 26,656.61.
The broader Topix .TOPX rose 0.23% to 1,778.41.
Shares in the shipping, raw materials, and real estate
sectors rose, while tech firms fell as overall activity was
substantially thinned by the closure of many financial markets
for Christmas holidays.
Sentiment was underpinned by Britain and the European Union
securing a free-trade deal, and further soothed earlier in the
week by U.S. lawmakers agreeing a $900 billion economic stimulus
package. The roll out of coronavirus vaccinations and expectations
that interest rates will remain low for a prolonged period have
also brightened prospects for equities next year.
"For policy and financial markets, a goldilocks scenario is
likely to continue next year due to a gradual economic recovery
and monetary easing," Mizuho Securities said in a research memo.
The stocks that gained the most among the top 30 core Topix
names were Seven & i Holdings Co Ltd 3382.T up 1.89 %,
followed by Mitsui & Co Ltd 8031.T rising 1.84%.
The underperformers among the Topix 30 were SoftBank Group
Corp 9984.T down 3.15%, followed by Sony Corp 6758.T losing
1.36%.
Nippon Yusen KK 9101.T rose 6.5% after the marine shipping
company raised its earnings forecasts, which also lifted the
share prices of its rivals.
There were 161 advancers on the Nikkei index against 58
decliners.
The volume of shares traded on the Tokyo Stock Exchange's
main board .TOPX was 0.63 billion, compared to the average of
1.26 billion in the past 30 days.

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