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Japan stocks track Wall St higher; ex-dividend stocks in demand

Published 28/09/2020, 04:26
© Reuters.
JP225
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TOPX
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6502
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8035
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3436
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6857
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0981
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9843
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MTHR
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TOKYO, Sept 28 (Reuters) - Japanese stocks gained on Monday,
tracking Wall Street's tech rally in the previous session, with
sentiment aided by an appetite for stocks that were set to go
ex-dividend this week.
The benchmark Nikkei share average .N225 rose 0.72% to
23,371.70 by the midday break and the broader Topix .TOPX
gained 0.78% to 1,646.93. All but four of the 33 sector
sub-indexes on the Tokyo exchange traded higher.
Investors took cues from Wall Street's positive finish on
Friday when main indexes gained more than 1%, while in Japan,
analysts cited demand for index futures by index and mutual
funds lifting sentiment. .N
But U.S.-China tensions capped gains after reports the U.S.
had sent letters informing companies that suppliers of certain
equipment to China's Semiconductor Manufacturing International
Corporation 0981.HK must apply for individual export licenses.
Amid the tech-related dispute between the two nations,
chipmaker Kioxia Holdings Corp 6600.T postponed plans for what
would have been Japan's largest initial public offering this
year. This triggered a sell-off in Toshiba Corp 6502.T stocks,
which had intended to return most of the IPO proceeds to
shareholders, dropping more than 8% in early session before
retracing some losses to trade 3.15% lower by the recess.
Other semi-conductor shares also declined. Sumco Corp
3436.T fell 1.02%, while Tokyo Electron 8035.T and Advantest
Corp 6857.T slid 1.41% and 1.75%, respectively.
Stocks that outperformed included Nitori Holdings 9843.T ,
which climbed 0.61% after the interior goods company announced
upward revisions to earnings forecasts. Elsewhere, the Mothers Index .MTHR of start-up firm shares
fell 0.41%.

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