Tokyo Stocks End Mixed On Firm Tech Stocks
April 9, 2019 – Tokyo stocks ended mixed today with gains in some chip-related issues offset by caution over recent fast-paced gains in other sectors.
Gainers were led by oil and coal product, electric appliance, semiconductor issues, while major decliners included electric power, gas and retail issues.
The chip sector remained solid following gains in U.S. counterparts overnight. But gains were partly pared by the firmer tone of the yen against the dollar, which also weighed on exporters in other sectors.
Market players also found it difficult to chase the upside after the Nikkei rose nearly 3 percent last week, brokers said.
“It is difficult for traders to take fresh positions ahead of key events later in the week in the United States and Europe,” Yutaka Miura, senior technical analyst at Mizuho Securities Co., said.
On Wednesday, the minutes of last month’s U.S. Federal Reserve policy meeting will be released, while the European Council will hold an extraordinary meeting to discuss whether to accept Britain’s request to postpone its departure from the European Union, currently set for Friday.
The Japanese government’s plan to introduce new 10,000 yen, 5,000 yen and 1,000 yen bills, revealed Tuesday, boosted manufacturers of automated teller machines.
Among such companies, Japan Cash Machine jumped 97 yen, or 8.6 percent, to 1,229 yen, while Glory gained 211 yen, or 7.9 percent, to 2,893 yen.
On the First Section, declining issues outnumbered advancers 1,318 to 705, while 117 ended the day unchanged.
Among technology issues, semiconductor test equipment manufacture Advantest gained 116 yen, or 3.9 percent, to 3,090 yen. Sony climbed 445 yen, or 9.3 percent, to 5,250 yen following a Reuters report that U.S. hedge fund Third Point is raising its holding in the company.
Plant engineering company JGC soared 114 yen, or 7.3 percent, to 1,678 yen after the company raised its group net profit outlook for the business year through March.
Trading volume on the main section rose to 1,105.44 million shares from Monday’s 1,057.43 million.