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Nikkei rises on chipmakers, energy boost; SoftBank drops

11/18/2021 | 11:09pm EDT

(Corrects first and eighth paragraphs to say energy shares gained as oil rose, not fell; Adds WTI move)

TOKYO, Nov 19 (Reuters) - Japan's Nikkei share average rose on Friday, as chipmaking giants tracked a rally in their U.S. peers and energy shares surged after oil prices rebounded.

However, gains were capped by a second straight day of losses for SoftBank Group. Alibaba Group, SoftBank group's largest asset, forecast on Thursday its slowest revenue growth since its 2014 trading debut.

The Nikkei added 0.41% to 29,718.62 as of the midday break, with energy by far the best performing sector, jumping 1.79%.

The broader Topix added 0.11%. The growth index rose 0.25%, compared with a small loss for the value index.

Chipmaker Tokyo Electron was the Nikkei's top performing stock, surging 4.88%. Advantest advanced 2.63%.

Overnight, the Philadelphia semiconductor index advanced 1.8% to hit its second record close in three sessions, buoyed this time by an earnings beat from Nvidia.

That helped the S&P 500 and Nasdaq to close at all-time highs.

Meanwhile, a rebound in crude oil from six-week lows helped energy companies. Inpex advanced 3.11%.

However, U.S. West Texas Intermediate crude remained below $80, from a multi-year high above $85 last month, helping support investor sentiment more broadly.

"Inflation and the price of crude oil remain a big focus for investors," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.

"The market likes the drop in crude below $80 because it should feed through eventually to lower prices for gasoline and other things, which is seen as a plus for the economy."

Elsewhere, Kubota jumped 4.3% on a plan to raise its stake in Indian tractor maker Escorts Ltd.

Sportswear maker Asics rose 2.84% after Japanese Major League Baseball star Shohei Ohtani was named American League MVP.

The Japanese government's announcement of a planned $490 billion stimulus package was largely ignored by the market, partly because the details were already reported by local media on Thursday.

SoftBank Group slid 1.45%, adding to the previous session's 2% drop.

Tokyo Kikai tumbled 8.51% after Japan's supreme court dismissed a request to block a plan by the printing machinery maker for a "poison pill" takeover defence. (Editing by Uttaresh.V)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION 0.23% 8580 Delayed Quote.-21.47%
ASICS CORPORATION 3.97% 2227 Delayed Quote.-16.00%
ESCORTS LIMITED 5.79% 1640.4 Delayed Quote.-18.79%
INPEX CORPORATION 0.41% 1472 Delayed Quote.46.31%
NVIDIA CORPORATION 9.47% 177.06 Delayed Quote.-39.80%
SOFTBANK GROUP CORP. 1.39% 5110 Delayed Quote.-7.25%
TOKYO ELECTRON LTD 0.05% 57020 Delayed Quote.-14.02%
TOKYO KIKAI SEISAKUSHO, LTD. 1.91% 801 Delayed Quote.-24.42%
TOPIX INDEX -0.05% 1863.26 Delayed Quote.-6.43%
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