The Japanese stock market ended higher on Friday, with banking and electronics stocks leading the way. The Nikkei index ended the day 1.2% higher at 27,333.79, while the broader Topix ended up 1.15% at 1,959.42. The Nikkei ended the week lower, amid a brewing banking crisis that sent bond yields plunging, while market participants sharply lowered expectations of future interest rate hikes in Western economies.
The Nikkei closed 1.2% higher at 27,333.79, while the broader Topix ended up 1.15% at 1,959.42.
The Nikkei index, however, ended lower for the week, amid a brewing banking crisis that sent bond yields plunging, while market participants sharply lowered expectations of future interest rate hikes in Western economies.
The stronger closings for the day follow a risk rally in the broader Asian markets and Wall Street overnight, which are set to spill over to European equities.
“The rescue package from U.S banks reassured the public’s confidence in the banking system, causing a relief rally,” CMC Markets analyst Tina Teng said.
“The recent event suggests that central banks are most likely to temper their rate hikes, which could be a fundamental change to stock markets.”
Investors are now on awaiting any developments as policy tightening by central banks could persist. The European Central Bank on Thursday raised rates by half a percentage point.
The Japanese yen pulled back from its one-month high to 133.78 per dollar.
Electronics giant Sony Group Corp and financial institution Mizuho Financial Group Inc, up 3.52% and 1.96%, respectively, were among the top gainers on the Nikkei.
Construction firm Taisei Corp, down 8.13%, was the biggest decliner, followed by Nippon Sheet Glass Co Ltd that fell 2.41%.
Of the 225 Nikkei constituents, 147 rose, 74 fell and four remained unchanged.
The biggest percentage gainers in the Topix were entertainment company Sanrio Co Ltd and education firm Business Breakthrough Inc, rising 16.73% and 19.46%, respectively.
Social shopping firm Enigmo Inc and pub chain operator Hub Co Ltd were the biggest decliners, down 12.58% and 9.39%, respectively.
(Reporting by Yantoultra Ngui; Additional reporting by Ankur Banerjee)
- Front Page
- Pure Politics
- ET Markets
- Smart Investing
- RBI Keeps Close Watch on Credit Suisse Crisis
The Reserve Bank of India (RBI) is monitoring developments related to Credit Suisse, though the Swiss lender’s limited size and scope in the country means that any major impact is unlikely, said people familiar with the matter. Local bond traders said the risk of contagion is negligible. Bankers said Credit Suisse India will have enough capital.Vinod Adani Part of Promoter Group: Adani Group to Bourses
The Adani Group said Vinod Adani continues to be a part of the promoter group, in a stock exchange filing on Thursday.After Notices, e-Pharmacies Look to Make a Case to Govt
Over a dozen online pharmacies are seeking an audience with health ministry officials to explain their stance over show-cause notices issued to them last month over sale of drugs in alleged violation of norms, top executives said.