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Tokyo shares rise as investors await earnings; chip sector rallies

Published 23/07/2019, 03:25
Tokyo shares rise as investors await earnings; chip sector rallies
US500
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DJI
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JP225
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INTC
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AAPL
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IXIC
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TMUS
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TOPX
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6762
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6770
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6857
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9984
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6981
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6146
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TOKYO, July 23 (Reuters) - Japanese stocks edged higher on
Tuesday morning, with the semiconductor sector leading the
gains, tracking Wall Street moves, though trading remained thin
ahead of the domestic earnings season for the April-June
quarter.
The benchmark Nikkei share average .N225 rose 1.0% to
21,622.78 in late morning trade, its highest level in a week.
Overnight, U.S. S&P 500 .SPX climbed 0.3%, a shade below
its July 15 record high close, while the Dow Jones Industrial
Average .DJI rose 0.1% and the Nasdaq Composite .IXIC added
0.7%. .N/C
Chip stocks gained partly on news that U.S. President Donald
Trump agreed at a meeting with the heads of top technology
companies to make "timely" decisions on requests by U.S.
companies to sell to China's Huawei Technologies HWT.UL .
Taking their cues from Wall Street peers, Japan's chip
sector drove gains with Tokyo Electron 6857.T climbing 2.4%,
while Advantest 6857.T and Disco 6146.T gained 1.7% and
2.0%, respectively.
Apple-related electronic parts makers were also in demand
after the Wall Street Journal reported that Apple Inc AAPL.O
was in advanced talks to buy chipmaker Intel Corp 's INTC.O
smartphone-modem chip business, citing sources. Murata Manufacturing Co 6981.T , TDK Corp 6762.T and Alps
Alpine 6770.T advanced 3.0%, 2.5% and 2.6%, in that order.
Nikkei heavyweight SoftBank Group Corp 9984.T jumped 4.2%
after Fox Business reported U.S. regulators have signalled that
they are about to give green light to the postponed $26 billion
merger between T-Mobile US Inc TMUS.O and Sprint Corp S.N .
The broader Topix .TOPX added 0.8% to 1.568.58.
Japan's April-June quarter corporate earnings season will
get underway later this week.

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