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Japan's Nikkei rises for 3rd session on tech boost

06/27/2022 | 02:49am EDT

TOKYO, June 27 (Reuters) - Japan's Nikkei rose for a third straight session on Monday, lifted by heavyweight technology stocks, after a surge in Wall Street at the end of last week.

The Nikkei share average closed 1.43% higher at 26,871.27 points, after rising as much as 1.7% The broader Topix jumped 1.12% to 1,887.42.

Wall Street's main indexes soared on Friday in a broad rally as signs of slowing economic growth and a recent pullback in commodity prices tempered expectations for the Federal Reserve's rate-hike plans.

"U.S. equities rose on Friday in part investors tried to adjust their allocations at the end of the half-year after sharp losses of the Wall Street throughout the month," said Ikuo Mitsui, fund manager at Aizawa Securities.

"Japanese stocks tracked that but gains were limited as investors started selling shares as the Nikkei got close to the 27,000 mark. Concerns about economic slowdown due to tightening monetary policy still remains."

In Japan, technology investor SoftBank Group rose 3.71% and provided the biggest boost to the Nikkei.

Chip equipment maker Tokyo Electron rose 2.23%. Silicon wafer maker Shin-Etsu Chemical advanced 4.74% and chip-testing equipment maker Advantest climbed 3.79%.

Shippers jumped 5.87%, rebounding from a 3.1% drop last week, and led gains among the Tokyo Stock Exchange's 33 industry sub-indexes.

Kawasaki Kisen Kaisha and Nippon Yusen were the best performers on the Nikkei, rising 9.64% and 5.36%, respectively.

Tokyo Electric Power Company Holdings jumped 7.55% as Japan braced for a possible power crunch amid soaring temperatures across the country.

Sapporo Holdings rose 0.51%. The beer maker announced the acquisition of U.S. craft beer maker Stone Brewing.

The real estate sector lost 0.75% was the worst performer among the industry sub-indexes.

(Reporting by Junko Fujita; Editing by Amy Caren Daniel)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION -3.11% 8420 Delayed Quote.-20.28%
KAWASAKI KISEN KAISHA, LTD. -0.40% 9850 Delayed Quote.42.92%
NIKKEI 225 -0.88% 27999.96 Real-time Quote.-1.88%
NIPPON YUSEN KABUSHIKI KAISHA 1.21% 10900 Delayed Quote.22.95%
SAPPORO HOLDINGS LIMITED -2.86% 2855 Delayed Quote.34.63%
SHIN-ETSU CHEMICAL CO., LTD -0.78% 17190 Delayed Quote.-13.03%
SOFTBANK GROUP CORP. -7.02% 5295 Delayed Quote.4.80%
TOKYO ELECTRON LTD -8.25% 45600 Delayed Quote.-25.02%
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