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Japanese shares gain on upbeat profit forecasts, tech boost

Published 01/02/2021, 03:36
Updated 01/02/2021, 03:42
© Reuters.

TOKYO, Feb 1 (Reuters) - Japanese shares rose on Monday,
after two straight sessions of declines, boosted by upbeat
earnings forecasts and gains in beaten-down chipmakers and other
technology companies.
Nikkei share average .N225 gained 1.03% at 27,948.30, as
of 0142 GMT, and the broader Topix .TOPX rose 0.9% to
1,825.24.
"Investors are buying shares that were sold more than they
should have last week," said Norihiro Fujito, chief investment
strategist, Mitsubishi UFJ Morgan Stanley Securities. "Last
week's sell-downs were driven by sentimental reasons."
Japanese shares had tumbled for two days as investors grew
nervous about further market turbulences in the U.S. caused by
the headline-grabbing battle between retail investors and funds
that specialise in shorting stocks. NEC 6701.T jumped 10%, making it the biggest gainer in the
Nikkei 225 index, after the computer network services company
reported a 5.7% rise in its nine-month operating profit.
Toto 5332.T surged 11% as the toilet maker raised its
profit outlook.
However, some stocks declined despite the upbeat forecasts
as investors had already priced in the revisions. Electronic
component makers Murata 6981.T fell 3.17% and TDK 6762.T
declined 6.28%, making it the biggest loser in the Nikkei 225
index.
Panasonic 6752.T edged down 0.3% after local media
reported the home electric appliances maker would cease
production of its own solar panels. Chip-related shares gained, with Advantest 6857.T rising
1.69% and Tokyo Electron 8035.T gaining 1.66%.
The stocks that gained the most among the top 30 core Topix
were game maker Nintendo 7974.T , up 3.22%, followed by
conglomerate SoftBank Group's 9984.T 2.95% gain.

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