Saturday, February 27, 2021

Japanese stocks are back from a 30-year peak and Toyota shares and chips are soaring

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Japanese stocks ended a four-session rally on Friday, falling from a more than 30-year high reached in the previous session, as investors sold shares to take profits, but gains in Toyota Motor shares and chip-related companies restrained losses.

The Nikkei index fell 0.14% to close at 29,520.07 points, after hitting a new high since August 1990 on Wednesday. The broader Topix index rose 0.04 percent to 1,931.68 points.

Markets were closed on Thursday for a public holiday.

Shipping companies (SE: 4030) led the decline in the Nikkei index, as Nippon Yusen lost 4.7 percent, Kawasaki Kisen fell 4.45 percent, and Mitsui OSK Lines fell 4.67 percent.

Toyota Motor jumped 3.48% after the automaker said on Wednesday after the market closed it had a four-month stockpile of chips and that it did not immediately expect a global shortage of chips to hurt production.

The company raised its full-year profit forecast by 54 percent more than expected.

Shares of its competitors, however, fell, with Honda Motor down 3.55% and Nissan Motor losing 3.87%.

Chip-related stocks rose after the Philadelphia Semiconductor Index hit record highs overnight, as Bloomberg News reported that US President Joe Biden’s administration has pledged to take strong steps to address the chip shortage.

Tokyo Electron and Somco shares jumped 3.67 percent, and Advantest rose 3.86 percent.

Renesas Electronics rose 3.39 percent after the company posted an annual net profit of 45.6 billion yen ($ 434.99 million), rebounding from a loss of 6.3 billion a year ago.

The article Japanese stocks retreat from a 30-year peak and Toyota stocks and chips soar was written in the Stock Exchange newspaper.

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Japanese stocks are back from a 30-year peak and Toyota shares and chips are soaring