By Tomo Uetake
TOKYO, Oct 25 (Reuters) - Japan's benchmark Nikkei share
average inched up to a fresh one-year peak on Friday as some
positive earnings from overseas tech companies offset growth
concerns, with semiconductor-related stocks leading the gainers.
The Nikkei average .N225 rose 0.2% to 22,799.81, its
highest closing level since October last year. For the week, it
was up 1.4%, the third consecutive weekly advance.
The broader Topix .TOPX gained 0.3% to 1,648.44, its
highest close in 10-1/2 months.
Semiconductor-related stocks shined after Intel INTC.O
beat Wall Street estimates for third-quarter revenue and profit
and raised its full-year revenue forecast overnight, easing
concerns about slowing demand. Lam Research LRCX.O was the top boost to the Philadelphia
SE Semiconductor index .SOX , which rose 2.5% overnight in New
York trading, after the chip equipment maker forecast strong
results for the December quarter. In Tokyo, the Nikkei heavyweight Tokyo Electron 8035.T and
Screen Holdings 7735.T both climbed 2.6%.
Disco 6146.T soared 11.6% even after the chipmaking
equipment firm reported weak earnings for April-September on a
higher-than-expected dividend as well as hopes the downturn in
orders may bottom out next year. "The market is definitely already thinking beyond this
financial year," said Takeo Kamai, head of executions services
at CLSA in Tokyo.
Elsewhere, Eisai 4523.T enjoyed its stellar run of the
past two days, surging 8.2% after reaching its daily limit-high
on Wednesday and Thursday, as the Japanese drugmaker agreed with
its U.S. partner Biogen BIIB.O to revive plans to seek U.S.
approval for an Alzheimer's treatment. Chugai Pharmaceutical 4519.T added 3.5% as the company
reported a hefty 67% jump in net profit for the
January-September period, thanks to strong sales of hemophilia
drug.
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Nikkei edges up to fresh 1-year high; chip-related shares jump
Published 10/25/2019, 03:08 PM
Updated 10/25/2019, 03:16 PM
Nikkei edges up to fresh 1-year high; chip-related shares jump
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