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Japanese shares rise on economic recovery hopes, Nomura falls

Published 29/03/2021, 03:53
Updated 29/03/2021, 03:54
© Reuters.

TOKYO, March 29 (Reuters) - Japanese shares rose on Monday,
lifted by optimism around corporate earnings and U.S. economic
recovery, while Nomura Holdings fell the most in a decade after
it flagged a potential $2 billion loss.
The Nikkei share average .N225 advanced 0.81% to 29,412.24
by 0144 GMT, while the broader Topix .TOPX rose 0.49% to
1,993.93.
"Investors are buying companies, particularly manufacturers
that would benefit from the recovery of the global economy, and
whose earnings are set to rise in the coming years," said
Shigetoshi Kamada, general manager for the research department
of Tachibana Securities.
Aiding sentiment, the S&P 500 and Dow closed at record highs
on Friday on hopes for a recovery in the U.S. economy as vaccine
rollouts continue. .N
Back home, chip-related shares led gains on the Nikkei, with
Tokyo Electron 8035.T jumping 4% and Advantest 6857.T
gaining 3.79%.
Nikkei heavyweight Fast Retailing 9983.T , an operator of
the Uniqlo brand clothing shops, rose 2.18%.
Nomura Holdings 8604.T slumped almost 15%, the biggest
percentage fall since November 2011, after Japan's largest
brokerage flagged a potential $2 billion loss at a U.S.
subsidiary. Kao Corp 4452.T , up 2.22 %, gained the most among top 30
core Topix names, followed by Shin-Etsu Chemical.
The underperformers among the Topix 30 were SoftBank Group
Corp 9984.T , which fell 1.95%, followed by Hoya 7741.T
losing 1.58%.
There were 133 advancers on the Nikkei index against 89
decliners.

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