Japan’s Nikkei hits 33-year high amid surge in tech stocks; DeNA, Advantest, Nintendo shares lead rally
Japan’s Nikkei share average hit its highest level since March 1990 on Tuesday led by a sharp rally in chip-related shares. The Nikkei rose 1.44% at 33,858.63 by the mid-day break, after hitting a 33-year high of 33,990.28 earlier.
Of the 225 stocks on the index, 151 advanced. The broader Topix index was up 0.93%.
Nikkei jumped tracking overnight Wall Street rally in technology stocks after chipmakers Nvidia and Advanced Micro Devices surged.
Also Read: Samsung’s Q4 operating profit falls 35% amid weak consumer demand
DeNA, Advantest, Tokyo Electron, Nintendo shares were among the top performers on Nikkei, Reuters reported.
Advantest shares jumped 7.06%, while Tokyo Electron rose 4.27% pushing the Nikkei index up around 200 points.
Nintendo jumped 4.22% on news that the company might release a new game console this year. DeNA shares surged 7.83% after announcement that it would commence preparations to list shares for an equity-method affiliate company, Reuters reported.
The Nikkei clocked its best year in a decade in 2023, aided by expectations of better governance.
Also Read: China’s central bank eyes reserve ratio cut to boost lending; hints at more policy easing
Meanwhile, energy shares declined and were among the worst performers after a steep fall in oil prices fell as top exporter Saudi Arabia cut prices. The Tokyo Stock Exchange’s mining stock sub-index dropped 1.55%.
After an initial pullback to start 2024, the Nikkei rallied an additional 1.6% from last year’s final trading day to hit Tuesday’s peak since Japan’s asset price bubble burst in 1989, the Reuters report said.
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Published: 09 Jan 2024, 11:07 AM IST
