Nikkei ends at three-decade high on tech, brokerage shares boost

  • Reuters
  • Stock Market News
Nikkei ends at three-decade high on tech, brokerage shares boost
Credit: © Reuters.

TOKYO, Jan 14 (Reuters) - Japan's benchmark Nikkei stock average closed at its highest level in three decades on Thursday, helped by a rally in tech shares and better-than-expected core machinery orders.

The Nikkei index .N225 ended 0.85% higher at 28,698.26, while the broader Topix .TOPX rose for a sixth straight session to end 0.48% higher at 1,873.28.

The mood for equities also brightened ahead of an expected announcement later in the day about U.S. economic stimulus under incoming President Joe Biden.

"The upward market trend is prompting investors to buy more stocks. Investors are buying stocks out of this 'fear of missing out' sentiment," said Takashi Hiroki, chief strategist, Monex Securities.

Chip-related stocks led the gains, tracking a 7% jump in Intel INTC.O after the company said it would replace its chief executive officer and expects to beat its financial forecast for the fourth quarter. tech-related shares also rose after data showed Japan's core machinery orders unexpectedly rose for a second straight month in November. Corp jumped 7.21% to be the largest gainer on the Nikkei 225 index, followed by Yaskawa Electric 6506.T , rising 5.3%.

Murata Manufacturing Co 6981.T gained 0.84%, Fanuc Corp 6954.T climbed 2.22%, while SoftBank Group 9984.T rose 2.93%.

Shares of brokerages also advanced, with online broker Monex Group 8698.T surging 10.78%, while Nomura Holdings 8604.T added 1.41% and Daiwa Securities Group 8601.T jumped 2.29%.

Honda Motor 7267.T fell 0.07% after the company said it would halt output at its British factory next week due to COVID-19 related global supply chain issues. Motor 7203.T gained 0.22%.

The top percentage losers in the Nikkei 225 was GS Yuasa Corp 6674.T , down 5.02%, followed by JFE Holdings Inc 5411.T , Kawasaki Kisen Kaisha Ltd 9107.T both losing 4.7% each.

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