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Japanese shares rebound on Wall Street's tech-driven rally

Published 21/08/2020, 04:26
Updated 21/08/2020, 04:30
© Reuters.

TOKYO, Aug 21 (Reuters) - Japanese shares bounced back
modestly on Friday, as investor sentiment was buoyed by Wall
Street's rally overnight, led by technology shares, but gains
were capped as some investors took profits ahead of the weekend.
The benchmark Nikkei share average .N225 edged up 0.32% to
22,953.66 by the midday break, after briefly rising over 1%,
with 133 advancers on the index against 83 decliners.
The broader Topix .TOPX gained 0.32% to 1,604.35.
All but five of the 33 sector sub-indexes on the Tokyo
exchange traded in higher.
Among the top performing sectors on the main bourse,
precision instruments .IPRCS.T rose 1.44%, airlines .IAIRL.T
added 1.35% and rubber products .IRUBR.T climbed 1.35%.
Overnight, Wall Street's main indexes closed higher as the
Nasdaq hit a record high, overshadowing gloom over downbeat U.S.
jobless claims data that underlined the Federal Reserve's view
of a difficult road to recovery.
The Dow Jones Industrial Average .DJI rose 0.17%, the S&P
500 .SPX rose 0.32%, and the Nasdaq Composite gained 1.06%.
Benefiting from a strong performance in their U.S. peers,
technology-related shares also gained.
Nintendo 7974.T gained the most among the top 30 core
Topix names, climbing 2.14% to hit its 12-year high, while Tokyo
Electron 8035.T and Mitsubishi Electric Corp 6503.T added
0.36% and 1.15%, respectively.
Meanwhile, mobile social company Gree Inc 3632.T slumped
9.86% after the company announced its net profit dropped 22.3%
to 2.71 billion yen for the year ended June 30.

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