2023-10-17 08:24:00
Japan’s Nikkei index recovered, on Tuesday, following the sharp decline it recorded in the previous session, tracking Wall Street, amid investor optimism regarding upcoming earnings data that overcame fears related to the escalation in Gaza.
Stock movements
The Nikkei index closed 0.9 percent higher at 31,944.31 points, recovering regarding half of Monday’s losses when it fell 2 percent.
Of the 225 stocks on the index, 172 rose and 49 fell, while two remained stable.
The broader Topix index also rose by 0.8 percent.
“I expect that earnings in both Japan and the United States will be strong this quarter, and that is likely to support stock prices,” said Kenji Abe, an analyst at Daiwa Securities.
Shares of Japanese technology companies rebounded strongly, following witnessing intense selling at the beginning of the week.
Japanese chip manufacturing giant Tokyo Electron recorded significant gains, as its shares jumped 2.4 percent.
Advantest shares rose 1.2 percent and Lasertech rose 1.5 percent.
SoftBank Group’s shares for investing in emerging companies rose 2.7 percent.
However, Capital.com analyst Kyle Rodda cautioned once morest getting carried away.
“The price movement does not indicate that the risks posed by an outright ground war in the Gaza Strip have ended, as things look more like a correction following the relatively violent movements early last week,” Rodda wrote in a note.
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