Japanese shares end higher on Wall Street, tech stock gains

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TOKYO, Nov 15 (Businesshala) – Japanese stocks ended higher on Monday, with gains in technology stocks as they took cues from Wall Street’s strong end last week, stoking concerns about domestic growth data. does.

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The Nikkei stock average closed 0.56% higher at 29,776,80, while the broader top’s ended 0.39% higher at 2,048.52.

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Wall Street shares closed higher on Friday with market-leading growth stocks, including Apple Inc and Microsoft Corp kick-starting index climbs, as investors looked at disappointing US economic data.

“Recently, the Japanese market sometimes shows little correlation with the US market, but today we can say that the market increased due to Wall Street gains,” said Jun Morita, general manager of the research division at Chibagin Asset Management. said.

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“But we did not find any market-driven catalyst that could lift the Nikkei above the 30,000 level.”

Markets did not react to news that Japan’s economy shrank faster than expected in the third quarter, as global supply disruptions and fresh COVID-19 cases hit business and consumer spending.

Heavyweight Tokyo Electron gained 0.93% after the company raised its profit forecast as well as its dividend payout outlook.

Technology investor SoftBank Group jumped 2.23% and medical services platform M3 3.29%.

Restaurant chain Skylark Holdings rose 6.48% after raising its annual net profit estimate from 400 million yen to 10 billion yen ($88 million).

Peer sushi restaurant chains Food & Life Companies and Kura Sushi rose 1.52% and 1.67%, respectively.

Sumitomo Mitsui Financial Group rose 2.04% after reporting its first profit growth, while a rival Mizuho Financial Group fell 1.38% despite strong earnings.

Nippon Express fell 5.8%, making it the biggest loser on the Nikkei, followed by Ebara Corp, which fell 5.01% and Dai Nippon Printing, 3.89%.

($1 = 113.8200 yen)

Editing by Rashmi Aichi

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