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Japan’s Nikkei rallied from a 14-week closing low on Friday, buoyed by strong earnings from Apple Inc, but still posted its biggest weekly decline in two months.

The Nikkei (.N225) maintained gains from the morning, fluctuating very little after the midday break, to end the day up 2.09 percent at 26,717.34. It was its first earnings session in four, with almost 10 shares rising for every one falling.

“There’s a sense that the sell-off has gone too far, so it’s only natural that there will be a share buyback,” said Koji Toda, a fund manager at Resona Asset Management.

“If earnings slow near 27,000, it could be a sign of more turmoil ahead.”

Over the week, the Nikkei fell 2.93%, its fourth straight weekly decline, as Japanese stocks joined a global sell-off amid concerns about an accelerating pace of US monetary policy tightening.

The broader Topix (.TOPX) rallied 1.87% but was still 2.61% lower for the week.

Apple (AAPL.O), the world’s largest company by market value, posted record sales during the holiday quarter, beating analyst estimates. Nasdaq futures rose 1.2 percent in Asian trading, after the index (.NDX) lost 1.2 percent overnight. read more

Sony Group (6758.T) jumped 3.95%, recovering from its weakest level since early October. Toyota Motor (9984.T) gained 3.42%, rising from its lowest closing level this year. Store operator Uniqlo Fast Retailing (9983.T) was the index’s biggest point support, rising 3.42 percent from its lowest level in nearly two weeks.

Fuji Electric (6504.T) rose 10.43 percent to become the Nikkei’s biggest percentage gainer, after posting strong gains on Thursday night.

SoftBank Group (9984.T) rose 2.20%, recovering after hitting a fresh 20-month low earlier in the day.

Chip stocks were mixed. Advantest soared 4.09 percent after forecasting a big jump in operating profit. Renesas (6723.T) gained 1.98%.

Tokyo Electron (8035.T), however, fell 1.32 percent to a new three-month low, making it the biggest drag on the Nikkei by index points.

Fujitsu (6702.T) was the largest percentage decliner in the benchmark index, falling 9.95 percent after posting disappointing results.

Japanese stocks suffered their biggest foreign outflows in seven weeks last week, with cross-border investors selling 582.91 billion yen ($5.05 billion) worth of shares in the period ending Jan. 21, data from Japanese stock markets showed. .

($1 = 115.3900 yen)

Category: Japan

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