The chip sector pushes Japanese equities to a seventh straight week
TOKYO, May 26 (Reuters) – Japan’s Nikkei ended Friday’s session higher as chip stocks surged on Wall Street amid Nvidia’s strong rally.
The Nikkei climbed 0.37% to 30,916.31 points for the seventh straight week of gains, the longest rally in five years.
The broader Topix index was little changed, closing at 2,145.84.
The week was volatile for Japanese equities, which hit their highs since 1990 on Tuesday, followed by a sharp decline.
“Some technical indicators are still giving overbought signals. Therefore, it is easy to assume that profit-taking will start at the Nikkei level above 31,000. – said Maki Sawada of Nomura Securities.
The energy sector led the decline in Tokyo, falling 2.45% after the price of oil plummeted from a near-monthly high.
The tech sector was the best performer with an increase of 0.52%.
Chip equipment maker Tokyo Electron jumped 4.44%, while chip testing equipment maker Advantest jumped 3.92%.
The gains were led by shares of Kawasaki Heavy Industries, Taiyo Yuden Co and Screen Holdings Co, which gained 6.66%, 6.52% and 5.79% respectively.
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