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Tokyo shares bounce back on renewed US-China trade deal hopes

The benchmark Nikkei share average rose 0.7 per cent to 23,303.32.

Reuters|
Nov 15, 2019, 01.47 PM IST
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Agencies
Japan
Interest rate-sensitive REITs performed well on falling global bond yields, with TSE REIT index up 1.2 per cent.
Japanese stocks rebounded on Friday as White House comments that Washington and Beijing were close to striking a trade deal sparked buying in cyclical and financials.

The benchmark Nikkei share average rose 0.7 per cent to 23,303.32, though it was 0.4 per cent down for the week.

White House economic adviser Larry Kudlow said on Thursday an agreement with China could be reached soon, providing a fillip to investor confidence.

The broader Topix gained 0.7 per cent to 1,696.67, with all but two of its 33 subsectors finishing in positive territory.

High-beta shares, or those that are sensitive to economic cycles were among the biggest gainers, with shippers advancing 1.6 per cent and brokerages climbing 1.4 per cent.

Interest rate-sensitive REITs performed well on falling global bond yields, with TSE REIT index up 1.2 per cent.

Other notable gainers included companies whose earnings results surprised positively.

Japan Post Insurance, hit by a scandal involving improper sales practices, jumped 5.9 per cent after it forecast a 11.7 per cent year-on-year increase in net profit for the current financial year through March.

Another scandal-ridden financial institution, Suruga Bank , soared 7.4 per cent on its April-September earnings results.

Kadokawa surged 6.1 per cent to 2 1/2-year highs after the publishing and web services company raised its profit outlook.

Asahi Intecc rose 4.4 per cent after the medical equipment maker's quarterly profits beat market expectations.

Among losers, messaging app firm Line shed 4.7 per cent and the operator of Yahoo Japan Z Holdings dived 7.1 per cent after massive gains the previous day on news that the two technology firms are in merger talks.

"Now that mid-year earnings season is almost over and given a lack of fresh trading cues, it's a little bit of a Goldilocks situation today," a trader at an equity investment firm said.

Also Read

Wall Street rises on renewed hopes of trade deal

Wall St slips as trade deal doubts return

India, US close to trade deal

Gold Rate Today: Gold, silver slip as trade deal hopes rekindle

US, China move closer to trade deal despite heated rhetoric

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