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Nikkei edges higher on tech rally but Nintendo, sauce makers cap gains

12/22/2021 | 01:32am EDT

TOKYO, Dec 22 (Reuters) - Japan's Nikkei share average edged higher on Wednesday, buoyed by a rally in chipmakers and other tech stocks, although gains were capped by weakness in Nintendo and sauce makers.

The Nikkei 225 ended the day 0.16% higher after swinging between small gains and losses throughout the session in holiday-thinned trading. The broader Topix added 0.09%.

"The main players, foreign institutional investors, are out of the market for Christmas, and the action by individual investors is thin," said a market participant at a domestic securities firm.

"For the next while, it looks like it's going to be hard to find direction in this market."

Sony was among the Nikkei's top gainers, climbing 2.77% after its India unit finalised a deal with local rival Zee Entertainment to merge their television channels, film assets and streaming platforms.

Tokyo Electron was the biggest mover by index points, adding 0.74%, while fellow chipmaker Advantest advanced 1.41%.

Overnight, the U.S. Nasdaq 100 rallied 2.29%, and the Philadelphia SE Semiconductor index jumped 3.35%.

The Nikkei's biggest mover was Shinsei Bank with a 5.94% gain after SBI Holdings, which recently completed a tender offer for Shinsei, said it's worth pursuing the option of taking it private.

At the other end, sauce maker Ajinomoto slumped 2.13% to be the Nikkei's worst performing stock, while peer Kikkoman lost 1.38%.

Nintendo declined 1.66%.

Toyota Motor cut losses into the close, but still ended 0.68% lower as it fell further after last week's strong gains on beefed-up electric vehicle plans. Group supplier Denso slipped 0.87%. (Reporting by Tokyo markets team; Editing by Subhranshu Sahu)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AJINOMOTO CO., INC. 0.83% 3145 Delayed Quote.-10.07%
DENSO CORPORATION 2.06% 7497 Delayed Quote.-21.32%
KIKKOMAN CORPORATION -0.29% 6770 Delayed Quote.-29.99%
NASDAQ 100 -0.34% 11835.62 Real-time Quote.-27.48%
NASDAQ COMP. -0.30% 11354.62 Real-time Quote.-27.42%
NIKKEI 225 1.27% 26739.03 Real-time Quote.-7.13%
NINTENDO CO., LTD. 0.22% 59290 Delayed Quote.10.51%
SBI HOLDINGS, INC. 3.33% 2548 Delayed Quote.-18.72%
SHINSEI BANK, LIMITED -0.34% 2037 Delayed Quote.8.76%
SONY GROUP CORPORATION 1.19% 11525 Delayed Quote.-20.38%
TOKYO ELECTRON LTD 1.27% 58390 Delayed Quote.-11.90%
TOPIX INDEX 0.93% 1877.37 Delayed Quote.-5.77%
TOYOTA INDUSTRIES CORPORATION 1.23% 8210 Delayed Quote.-10.66%
TOYOTA MOTOR CORPORATION 2.14% 2048 Delayed Quote.-2.73%
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