Japan's Nikkei clocks best quarter on record on tech rebound
Japan's Nikkei share average surged on Tuesday, driven by a strong rebound in technology stocks. The benchmark index closed at 70,062.32, marking its sharpest quarterly gain in decades. Despite mixed market breadth, semiconductor and AI-related sh...
By Reuters |
ETMarkets.com
Japan's Nikkei share average climbed on Tuesday, powered by a rebound in technology stocks that have helped drive the gauge's record quarterly gains.
The benchmark Nikkei 225 advanced 0.86% to close at 70,062.32. For the April-June quarter, the index soared 37%, marking its sharpest quarterly advance in data going back to 1965. The broader Topix rose 0.73% to 4,010.88.
The Nikkei's gains came as U.S. stocks rallied overnight, with the Nasdaq jumping 2.04% on a rebound in major tech-related shares and easing geopolitical concerns after the U.S. and Iran agreed to resume talks. Japan's May industrial output, released earlier on Tuesday, rose 0.5% month-on-month, undershooting forecasts but signaling resilience in manufacturing.
The Nikkei was in the red for part of the session, and breadth at the close was mixed, with 104 advancers against 121 decliners.
"While we are seeing a rebound today, centered on certain semiconductor-related stocks and AI-related stocks that had been experiencing notable recent declines, the overall market remains weak," said Maki Sawada, an equities strategist at Nomura Securities.
The largest percentage gainers in the index were Taiyo Yuden , up 8.28%; Furukawa Electric, up 7.04%; and Screen Holdings, up 6.20% to a record high.
The largest losers were NEC, down 3.01%; Nitori Holdings, down 2.74%; and Konica Minolta, down 2.31%.
The benchmark Nikkei 225 advanced 0.86% to close at 70,062.32. For the April-June quarter, the index soared 37%, marking its sharpest quarterly advance in data going back to 1965. The broader Topix rose 0.73% to 4,010.88.
The Nikkei's gains came as U.S. stocks rallied overnight, with the Nasdaq jumping 2.04% on a rebound in major tech-related shares and easing geopolitical concerns after the U.S. and Iran agreed to resume talks. Japan's May industrial output, released earlier on Tuesday, rose 0.5% month-on-month, undershooting forecasts but signaling resilience in manufacturing.
The Nikkei was in the red for part of the session, and breadth at the close was mixed, with 104 advancers against 121 decliners.
"While we are seeing a rebound today, centered on certain semiconductor-related stocks and AI-related stocks that had been experiencing notable recent declines, the overall market remains weak," said Maki Sawada, an equities strategist at Nomura Securities.
The largest percentage gainers in the index were Taiyo Yuden , up 8.28%; Furukawa Electric, up 7.04%; and Screen Holdings, up 6.20% to a record high.
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The largest losers were NEC, down 3.01%; Nitori Holdings, down 2.74%; and Konica Minolta, down 2.31%.
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