TOKYO, May 28 (Reuters) - Japan's Nikkei share average rose
on Thursday, vaulting above a key technical resistance of its
200-day moving average on hopes of a quick economic
normalisation, with investors snatching up deeply discounted
stocks such as financials.
The positive mood overwhelmed concerns about deteriorating
U.S-China relations as Washington signals it may no longer
regard Hong Kong warranted special treatment as Beijing prepares
new security law for the territory. The Nikkei average .N225 advanced 1.43% to 21,725.54,
rising above a major chart point of 200-day moving average at
21,656. The broader Topix .TOPX gained 1.12% to 1,566.79. Both
indexes hit their highest levels since late February.
Gains were led by short-covering in value-oriented shares,
such as financials and steelmakers -- the sectors that had been
badly hit since the global outbreak of the novel coronavirus.
Banks .IBNKS.T jumped 4.2%, while securities brokerages
.ISECU.T gained 3.5% and insurers .IINSU.T rose 3.3%.
Steelmakers .ISTEL.T added 3.9%.
Including those, value shares .TOPXV rose 2.0% compared
with 0.7% in growth-oriented shares .TOPXG .
Nissan Motor 7201.T rallied 7.9% and Mitsubishi Motor
7211.T rose 5.3% after the two automakers, along with Renault
RENA.PA , announced a revival plan, pledging to cut vehicle
ranges and pool manufacturing by region. Dentsu 4324.T soared 14.5% after the PR firm reported
profits for the three months to March, compared to a net loss a
year earlier, even as it withdrew annual guidance due to
uncertainty over COVID-19. Recruit Holdings 6098.T gained 2.9% even after its
earnings for January-March announced the previous day fell short
of market expectations.
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Nikkei rises above 200-day average as value shares snatched up
Published 28/05/2020, 03:20
Nikkei rises above 200-day average as value shares snatched up
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