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UPDATE2: Tokyo stocks rebound, buying focuses on high-tech issues after slide

11/25/2021 | 03:58am

Tokyo stocks rebounded Thursday as investors snapped up high-tech stocks and other oversold issues following sharp falls the previous day.

The 225-issue Nikkei Stock Average ended up 196.62 points, or 0.67 percent, from Wednesday at 29,499.28, recouping part of the 1.58 percent drop the day earlier. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 6.57 points, or 0.33 percent, higher at 2,025.69.

Gainers were led by precision instrument, securities house, mining and land transportation issues.

The U.S. dollar was steady in the lower 115 yen zone after hitting 115.52 yen, its highest level since January 2017, amid investor speculation that the U.S. Federal Reserve will move more quickly to tighten monetary policy following upbeat data on the U.S. labor market, dealers said.

At 5 p.m., the dollar fetched 115.38-39 yen compared with 115.36-46 yen in New York and 114.89-91 yen in Tokyo at 5 p.m. Wednesday.

The euro was quoted at $1.1215-1216 and 129.40-44 yen against $1.1195-1205 and 129.21-31 yen in New York and $1.1244-1246 and 129.19-23 yen in Tokyo late Wednesday afternoon.

The yield on the benchmark 10-year Japanese government bond was unchanged from Wednesday's close at 0.080 percent.

"As shares were oversold yesterday, some hedge funds bought back undervalued stocks," including high-tech issues, said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities Co.

Sentiment also improved amid a breather with rising long-term U.S. Treasury yields, Fujito added. Higher bond yields make riskier stocks less attractive.

Looking ahead, market players are shifting their focus to a meeting of the Organization of the Petroleum Exporting Countries and its allies on Dec. 2 to see how the group will respond to coordinated oil reserve releases by several oil consumer nations this week as well as U.S. jobs data for November.

On the First Section, declining issues outnumbered advancers 1,073 to 1,013, while 97 ended unchanged.

Among technology issues, Sumco rose 12 yen, or 0.5 percent, to 2,544 yen, and Tokyo Electron gained 370 yen, or 0.6 percent, to 62,280 yen.

Shionogi advanced 246 yen, or 3.0 percent, to 8,315 yen after the pharmaceutical firm said early in the day that it has concluded a memorandum of understanding with Vietnam's health ministry to cooperate on infectious disease control.

Automakers and electric appliance issues were lifted by the yen's weakness, which boosts their overseas earnings when repatriated. Subaru rose 29.5 yen, or 1.3 percent, to 2,344.0 yen.

Trading volume on the main section fell to 959.84 million shares from Wednesday's 1,221.87 million shares.


© Kyodo News International, Inc., source Newswire

© Acquiremedia 2022
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