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Nikkei steady, holds near 1-year high; chip-related shares jump

Published 10/25/2019, 11:43 AM
Updated 10/25/2019, 11:48 AM
Nikkei steady, holds near 1-year high; chip-related shares jump
JP225
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INTC
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LRCX
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BIIB
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SOX
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TOPX
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4523
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7735
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8035
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6146
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TOKYO, Oct 25 (Reuters) - Japan's benchmark Nikkei share
average was steady, hovering near its 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 was virtually flat at 21,747.08
by the midday break, after climbing to as high as 22,819.92, its
highest level since Oct. 18 of last year. For the week, it was
up 1.1% and was on track for a third consecutive weekly gain.
The broader Topix .TOPX also was little moved at 1,644.23,
just a whisker away from its 10-1/2-month peak marked the
previous day.
Semiconductor-related stocks were the highlight of the
morning 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% a day 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 climbed 2.3% and 2.1%, respectively.
Disco 6146.T also soared 9.6% even after the chipmaking
equipment firm reported weak earnings results for the April-Sept
period, as analysts say the downturn in orders may bottom out
next year. 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.

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