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Nikkei rebounds on Apple cheer, but still set for worst week in 2 months

01/27/2022 | 10:39pm EDT

TOKYO, Jan 28 (Reuters) - Japan's Nikkei rebounded on Friday from a 14-week closing low, buoyed by strong earnings from Apple Inc, but remained on course for its biggest weekly drop in two months.

The Nikkei jumped 2.10% to 26,720.06 by the midday break and was set for its first session of gains in four, with nearly 10 stocks rising for every one that fell.

"There's a feeling that the sell-off has gone too far, so it's natural for there to be some buying back of shares," said Koji Toda, a fund manager at Resona Asset Management.

"If gains slow close to 27,000, it could be a sign of more turbulence ahead."

For the week, the Nikkei has declined 2.92%, the most since the week ended Nov. 26, as Japanese stocks joined a global sell-off amid worries about an accelerated pace of U.S. monetary policy tightening. The index was also on track for a fourth straight weekly decline.

The broader Topix rallied 1.89%, but was still 2.59% lower for the week.

Apple, the world's largest company by market value, posted record sales over the holiday quarter, beating analyst estimates. Nasdaq futures rose 1.2% in Asia trade, after the index shed 1.2% overnight.

Sony Group jumped 3.53%, rebounding from its weakest level since early October. Toyota Motor gained 3.84%, climbing from its lowest closing level this year. Uniqlo store operator Fast Retailing was the biggest support by index points, rising 3.46% from its weakest level in nearly two weeks.

Fuji Electric surged 9.68% to become the Nikkei's biggest percentage gainer, after posting strong earnings late on Thursday.

SoftBank Group rose 1.32%, recovering after hitting a fresh 20-month low earlier in the day.

Chip stocks were mixed. Advantest rose 2.04% after forecasting a big increase in operating profit. Renesas gained 2.15%.

Tokyo Electron, however, slipped 0.37% to a fresh three-month low, making it the Nikkei's biggest drag by index points.

Fujitsu was the biggest percentage decliner on the benchmark index, tumbling 9.03% after posting disappointing results.

Japanese stocks suffered their biggest foreign outflows in seven weeks last week, with cross-border investors selling 582.91 billion yen ($5.05 billion) worth of equities in the period ended Jan. 21, data from Japanese exchanges showed.

($1 = 115.3900 yen)

(Reporting by Tokyo markets team; Editing by Subhranshu Sahu)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION 1.16% 8710 Delayed Quote.-20.09%
APPLE INC. 0.17% 137.59 Delayed Quote.-22.52%
FAST RETAILING CO., LTD. 2.53% 59630 Delayed Quote.-8.70%
FUJI CO., LTD. 0.73% 2222 Delayed Quote.13.77%
FUJI CORPORATION LIMITED 0.48% 630 Delayed Quote.-9.09%
FUJI ELECTRIC CO., LTD 0.86% 5840 Delayed Quote.-7.01%
FUJITSU LIMITED -0.86% 19535 Delayed Quote.-0.99%
NASDAQ COMP. -0.30% 11354.62 Real-time Quote.-27.42%
NIKKEI 225 1.27% 26739.03 Real-time Quote.-7.13%
RENESAS ELECTRONICS CORPORATION 2.66% 1469 Delayed Quote.3.23%
RESONA HOLDINGS, INC. -0.83% 479.5 Delayed Quote.7.17%
SOFTBANK GROUP CORP. 3.50% 5232 Delayed Quote.-3.72%
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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