TOKYO, Sept 17 (Reuters) - Japanese equities headed for
their fourth straight week of gains, with heavyweight chipmakers
driving gains on Friday, as investors gripped by the
fear-of-missing-out, or FOMO, bet on the major indexes extending
Hopes for new leadership, rising COVID-19 vaccinations and
easing infections have powered a more than 8% jump in the Nikkei
share average for the month so far. The rally cooled off
in the past two sessions, but the benchmark is still on track
for a 0.34% weekly gain.
It added 0.46% to 30,463.54 by 0217 GMT on Friday. The
broader Topix gained 0.30% to 2,096.31.
"Shares rose because some investors wanted to boost
weightings of Japanese stocks in their portfolio. And there is a
demand from those who failed to buy Japanese stocks in a rally
earlier this month," said Jun Morita, general manager of the
research department at Chibagin Asset Management.
Medical services platform provider M3 led the
Nikkei's gain with a 4.5% rise, followed by chip-related stocks
Tokyo Electron and Advantest, which rose 1.42%
and 2.26%, respectively.
Shipping firms were the top gainers among the
Tokyo Stock Exchange's 33 industry subindexes, with Nippon Yusen
jumping 2.68% and Kawasaki Kisen rising
Drug maker Daiichi Sankyo gained the most among the
top 30 core Topix names, with a 2.78% rise, followed by
Shin-Etsu Chemical, also chip-related, rising 1.64%.
On the flipside, Nippon Steel tumbled 6.16% after
the steel maker priced https://www.nipponsteel.com/common/secure/en/news/20210917_100.pdf
its 300 billion yen ($2.73 billion) worth of convertible bonds.
Its peers Kobe Steel and JFE Holdings lost
3.52% and 2.34%, respectively.
Mitsui & Co Ltd, down 1.58%, was the worst
performer among the Topix 30, followed by Hoya, losing
($1 = 109.8800 yen)
(Reporting by Junko Fujita; Editing by Devika Syamnath)