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Japanese stocks extend rally on U.S.-China trade deal hopes

Published 29/10/2019, 03:20
© Reuters.  Japanese stocks extend rally on U.S.-China trade deal hopes
JP225
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TOPX
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7261
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4506
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4523
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6857
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6988
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2413
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By Stanley White

TOKYO, Oct 29 (Reuters) - Japan's Nikkei index rose to the

highest in more than a year on Tuesday as optimism that the

United States and China can scale back their bruising trade war

buoyed hopes for higher corporate earnings.

By 0145 GMT, the Nikkei benchmark share average .N225 was

up 0.48% at 22,977.95. It earlier rose to 23,008.43, the highest

since Oct. 11, 2018. So far it is up 14.25% for the year.

Investors flocked to riskier assets after U.S. President

Donald Trump said on Monday he expected to sign a significant

part of the trade deal with China ahead of schedule but did not

elaborate on the timing.

Leaders of the world's two biggest economies are working to

agree on the text for a "Phase 1" trade agreement announced by

Trump on Oct. 11. Trump has said he hopes to sign the deal with

China's President Xi Jinping next month at a summit in Chile.

Japanese stocks rose for a seventh consecutive trading

session as investors bought shares of materials makers that

export overseas. Shares in the consumer discretionary sector

also rose.

There were 184 advancers on the Nikkei index against 35

decliners on Tuesday.

The largest percentage gainers in the index were Nitto Denko

Corp 6988.T , a maker of materials for chips and automotive

products, which rose 5.24%, followed by Sumitomo Dainippon

Pharma Co Ltd 4506.T , up 3.59%, and Mazda Motor Corp 7261.T

up 3.24%.

The largest percentage losses in the index were healthcare

services firm M3 Inc 2413.T , down 3.93%, followed by

semiconductor equipment maker Advantest Corp 6857.T , down

2.44%, and pharmaceutical company Eisai Co Ltd 4523.T , which

fell 2.02%.

The broader Topix index .TOPX rose 0.95% to 1,664.06,

reaching its highest level since Dec. 4, 2018.

The volume of shares traded on the Tokyo Stock Exchange's

main board .TOPX was 0.56 billion, compared to the average of

1.24 billion in the past 30 days.

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