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Nikkei edges up after tech-driven rally on Wall Street

Published 08/19/2020, 11:25 AM
Updated 08/19/2020, 11:30 AM
© Reuters.
JP225
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TOPX
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6701
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6702
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6758
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6976
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9984
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6981
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7974
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MTHR
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4883
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By Hideyuki Sano
TOKYO, Aug 19 (Reuters) - Japanese shares eked out small
gains on Wednesday, as some technology firms rallied after U.S.
tech giants drove the S&P 500 to a record peak overnight.
The Nikkei share average .N225 rose 0.22% to 23,101.76,
after two straight sessions of losses that pulled it down from a
six-month peak of 23,338 hit last week. The broader Topix
.TOPX edged up 0.13% to 1,612.99.
"Some technology shares that benefit from new types of
demand after the coronavirus epidemic will continue to do well.
But for the overall stock index to rise, investors need more
positive factors to buy," said Norihiro Fujito, chief investment
strategist at Mitsubishi UFJ Morgan Stanley Securities.
Softbank Group 9984.T , which invests in tech firms around
the world, rose 2.0% while Nintendo 7974.T gained 1.2% to a
12-year high.
IT equipment and service firms Fujitsu 6702.T and NEC
6701.T gained 2.5% and 3.9%, respectively.
Start-up shares in the Mothers market .MTHR rallied to a
two-year high, with Modalis Therapeutics 4883.T , which listed
earlier this month, gaining 12.2%.
Sony 6758.T , meanwhile, dropped 2.4% following the news
that Third Point LLC has sold off a large part of its investment
in the company, although some investors think the long-term
impact of the U.S. activist fund's move would be negligible.
Sony was also under pressure due to concerns over
Washington's tightening restrictions on sales to China's Huawei
Technologies.
Other Huawei suppliers also dropped, with Taiyo Yuden
6976.T losing 2.3% and Murata Manufacturing 6981.T shedding
0.8%.
The market showed little reaction to domestic data showing
an unexpected drop in machinery orders as well as a fall in
exports.

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