March 12, 2019 / 6:26 AM / 8 days ago

Japan's Nikkei surges on Wall Street rally, weaker yen

* Nikkei up 1.79 pct, Topix gains 1.52 pct

* Techs lifted after U.S. peers surge

* Continuing yen weakness buoys exporters

By Shinichi Saoshiro

TOKYO, March 12 (Reuters) - Japan’s Nikkei share average surged to a six-day high on Tuesday, as a combination of a tech-led rally on Wall Street, gains in Asian markets and extended falls in the yen led to broad-based buying.

The Nikkei ended the day up 1.8 percent at 21,503.69 after brushing 21,568.48, its highest since March 6.

The index pulled away from a three-week low of 20,938.00 plumbed on Monday after much weaker-than-expected February U.S. job data knocked global shares lower.

“The fact that U.S. shares managed to rise despite a fall by Boeing has lent support to domestic stocks,” said Yoshinori Ogawa, senior strategist at Okasan Securities.

“But further upside is likely to be limited as there are many events to digest this week, such as the Bank of Japan’s policy meeting, a series of U.S. economic data releases and Brexit events.”

U.S. stocks jumped on Monday as the technology sector led a broad-based rebound following five straight sessions of losses.

Japanese technology shares tracked their U.S. peers higher. Chip equipment manufacturer Tokyo Electron added 2.1 percent, TDK Corp gained 4.5 percent and silicon products maker Sumco Corp gained 2.2 percent.

The yen gave ground to the dollar for the second day, lifting exporters. Honda Motor Co climbed 1.1 percent, Panasonic Corp rose 2.2 percent and robot manufacturer Fanuc Corp advanced 2.3 percent.

Healthcare and medical device maker Omron Corp rose 4.4 percent following the company’s inclusion in the Nikkei 225 starting Mar. 18.

Ryoyo Electro Corp rallied 7.7 percent after the company, which sells semiconductors, saw it recurring profit soar 241 percent to 1.47 billion yen ($13.20 million) for the year through January 2019.

Synthetic yarn and cloth maker Hagihara Industries Inc dropped 7.6 percent after posting a net loss of 423 million yen in the November-January quarter.

All of the 33 subindexes on the Tokyo Stock Exchange were in positive territory, led by securities and electric machinery.

The broader Topix gained 1.52 percent to 1,605.48.

Advancing issued outnumbered declining ones 1,893 to 185. ($1 = 111.3900 yen) (Editing by Shri Navaratnam)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below