Tokyo stocks rebound moderately on strong high-tech issues

2021-10-22 09:36:09 GMT2021-10-22 17:36:09(Beijing Time) Xinhua English

TOKYO, Oct. 22 (Xinhua) -- Tokyo stocks finished moderately higher on Friday as high-tech firms gained, and market participants remained on the sidelines ahead of a slew of earnings results from major Japanese companies next week.

The 225-issue Nikkei Stock Average finished 96.27 points, or 0.34 percent, higher from Thursday at 28,804.85.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange closed 1.42 points, or 0.07 percent, higher at 2,002.23.

Trading volume on the main section increased to 1,051.24 million shares from Thursday's 1,041.91 million shares.

After the Nikkei index fell nearly 2 percent on Thursday, Tokyo stocks opened low in the morning but moved to positive territory shortly, supported by buying on high-tech issues tracking overnight gains in U.S. counterparts.

The rebound in the stock market remained moderate, however, as investors were cautious about taking fresh positions ahead of the weekend and before Japanese companies begin releasing their latest earnings in earnest next week, brokers said.

Kazuo Kamitani, a strategist in the Investment Content Department of Nomura Securities Co., said, "Although market expectations are high for (strong) domestic corporate earnings following those in the United States, investors are refraining from making big moves as they want to see the extent to which companies will alter their profit forecasts."

In addition, market investors also awaited whether the ruling Liberal Democratic Party would garner a comfortable majority in the general election on Oct. 31, he said.

By the close of play, precision instrument, electric appliance, and machinery shares headed the increase, but declining issues outnumbered advancing ones 1,122 to 933 on the First Section, while 129 finished unchanged.

After the chip-wafer maker Disco Corp. released its earnings for the April-September period, which was higher than market expectations, chip-related firms advanced in response, brokers said.

Disco rose 3.0 percent on Friday, Screen Holdings surged 5.0 percent, and Tokyo Electron jumped 4.4 percent.

Shinsei Bank ended down 0.3 percent after the bank on Thursday said it decided to refuse a tender offer by major online financial group SBI Holdings. Enditem

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