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Updated December 26th, 2023 at 12:20 IST

Nikkei edges higher on positive outlook for shipping businesses

Among the sectors, shipping companies emerged as the day's strongest performers on the Tokyo Stock Exchange, with a collective gain of 1.2 per cent.

Business Desk
Nikkei
Nikkei | Image:Nikkei
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The Nikkei share average in Japan eked out a modest gain on Tuesday, driven by positive movements in shipping and semiconductor sectors, even as retail stocks faced downward pressure. The market exhibited minimal volatility, reflecting subdued trading activity attributed to the year-end holiday season.

Closing the session at 33,305.85, the Nikkei registered a marginal increase of 0.16 per cent, while the broader Topix index nudged up by 0.06 per cent.

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Maki Sawada, a strategist at Nomura Securities, observed that the market lacked definitive momentum, stating, "The Nikkei appears tethered to the previous day's closing figures," underscoring the limited activity due to a reduced presence of market participants.

Trading volume recorded approximately 680 million shares on Tuesday, a slight uptick from an eight-month low of 590 million shares reported on Monday.

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Among the sectors, shipping companies emerged as the day's strongest performers on the Tokyo Stock Exchange, with a collective gain of 1.2 per cent. Notable gains were observed in Nippon Yusen, up by 1.63 per cent, and Mitsui OSK. Lines, which advanced 1.53 per cent.

Similarly, semiconductor stocks experienced an uptick in the latter part of the session. Tokyo Electron and Advantest secured their positions as leading gainers on the Nikkei, rising by 1.1 per cent and 1.62 per cent, respectively.

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Conversely, Odakyu Electric Railway, with diversified operations including department stores and rail services, faced the most substantial decline, shedding 4.22 per cent on the index. Retailer Takashimaya followed suit, witnessing a 3.16 per cent decline despite posting robust earnings after Monday's market close. J. Front Retailing declined by 2.53 per cent ahead of its impending financial disclosure.

Additionally, Fast Retailing, the parent company of Uniqlo stores, experienced a marginal decline of 0.39 per cent, contributing to its position as the Nikkei's most significant points decliner, given its considerable market weighting.

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(With Reuters inputs)

 

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Published December 26th, 2023 at 12:20 IST

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