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REFILE-Japan shares rise as IMF's outlook lifts optimism for corporate earnings

Stock MarketsJan 27, 2021 08:00
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© Reuters.

(Correct paragraph 1 spelling of company Nitto Denko)
TOKYO, Jan 27 (Reuters) - Japanese stocks gained on
Wednesday as hopes rose for better corporate earnings after the
International Monetary Fund raised its forecast for global
growth, while shares of Nitto Denko raced to the top of the
Nikkei on its revised earnings outlook.
The Nikkei share average .N225 rose 0.46% to 28,677.92 by
0144 GMT, while the broader Topix .TOPX climbed 0.57% to
1,858.52.
The International Monetary Fund (IMF) raised its forecast
for global economic growth in 2021 and said the
coronavirus-triggered downturn last year would be nearly a full
percentage point less severe than expected. "Many of the Japanese stocks are sensitive to the global
economy. Investors are taking a fresh look at Japanese shares
after the IMF's global economic outlook," said Hideyuki
Ishiguro, senior strategist, Daiwa Securities.
Electronic components maker Nitto Denko 6988.T jumped
5.77% after it raised its annual operating profit forecast to 90
billion yen ($867.89 million) from 75 billion yen based on
growing demand for capacitors for personal computers.
Murata Manufacturing 6981.T rose 1.27%, Fanuc 6954.T
gained 1.86% and Nidec 6594.T added 1.94%.
Nippon Express 9062.T climbed 1.66% after the logistics
firm said it was considering selling its headquarters building
in Tokyo, a sale which the Yomiuri newspaper reported could
fetch more than 100 billion yen. Online broker Monex Group 8698.T was up 1.8% following a
report on its partnership with Shinsei Bank 8303.T
The largest percentage losers in the index were M3 Inc
2413.T , which fell 5.42%, followed by Tokyo Electric Power
9501.T , losing 2.56%, and Advantest 6857.T that shed 2.2%.

($1 = 103.7000 yen)

REFILE-Japan shares rise as IMF's outlook lifts optimism for corporate earnings
 

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