2023-05-12 08:39:33
The Japanese Nikkei index closed, on Friday, at the highest level in a year and a half, driven by gains made by major companies related to chip manufacturing, in addition to welcoming investors to the announcement of local companies, returns on shares, at the height of the season for issuing financial results.
“Not all companies’ earnings expectations were necessarily positive. We saw some positive results, but we also saw disappointing results,” said Seichi Suzuki, senior stock market analyst at Tokai Tokyo Research Institute.
“However, many companies announced share buybacks and other measures to give returns and dividends to shareholders. This boosted investor sentiment and provided support to the market,” he added.
stock performance
Mitsubishi Corp. and its peers announced throughout the week that they will continue to reward shareholders in the current fiscal year, whether through higher cash dividends, share buybacks, or both.
Mitsubishi shares fell slightly by 0.02 percent on Friday, but rose 6.3 percent for the week.
Tokyo Electron Co. pared losses in early trading to close 3.21 percent higher, although the leading Japanese semiconductor equipment maker warned that annual operating profit would be lower than expected.
Its peer, Advantest Corp, rose 3.32 percent.
However, the “Soft Bank” group bucked the general trend, and its share fell 3.68 percent, which put pressure on the Nikkei index, following the company, which pumps investments in technology, announced annual losses that were almost three times more than market expectations.
The Nikkei index ended the session up 0.9%, recording 29,388.30 points, the highest close since November 2021, and for the entire week, the index rose 0.79%.
The broader Topix index rose 0.64 percent to 2,096.39 points, recording a weekly rise of 1 percent.
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