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Japanese shares edge up as FOMO keeps rally alive

09/16/2021 | 11:16pm EDT

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 their rally.

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 2.74%.

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 1.39%.

($1 = 109.8800 yen) (Reporting by Junko Fujita; Editing by Devika Syamnath)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION 1.79% 9110 End-of-day quote.17.85%
DAIICHI SANKYO COMPANY, LIMITED 0.60% 2750.5 End-of-day quote.-22.19%
HOYA CORPORATION 2.12% 17360 End-of-day quote.21.65%
JFE HOLDINGS, INC. -1.41% 1678 End-of-day quote.69.84%
KAWASAKI KISEN KAISHA, LTD. -0.78% 5060 End-of-day quote.139.58%
KOBE STEEL, LTD. -1.67% 649 End-of-day quote.17.79%
M3, INC. 1.04% 7397 End-of-day quote.-24.08%
MITSUI & CO., LTD. -0.50% 2574.5 End-of-day quote.36.25%
NIPPON STEEL CORPORATION -1.20% 1940.5 End-of-day quote.46.12%
NIPPON YUSEN KABUSHIKI KAISHA 1.57% 7770 End-of-day quote.223.48%
SHIN-ETSU CHEMICAL CO., LTD. -0.10% 19125 End-of-day quote.6.01%
TOKYO ELECTRON LIMITED 4.40% 50750 End-of-day quote.32.16%
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