The stock exchange in Japan closed with a solid profit on Wednesday. A big jump in the price of heavyweight SoftBank helped the stock market move forward.
The rollout of the corona vaccine in the United Kingdom also fueled hopes for an economic recovery. Stronger-than-expected Japanese machine orders also supported the trade. The other stock market indicators in the Asian region also primarily improved.
The leading Nikkei in Tokyo ended with a gain of 1.3 percent at 26,817.94 points. Tech investor and telecom concern SoftBank gained 5.6 percent. Bloomberg news agency reports that the company is considering buying back shares to increase the stake of CEO Masayoshi Son so that he can buy out the remaining investors.
SoftBank’s board has been complaining for some time about the undervaluation of the company’s shares.
Japanese machine makers such as Komatsu, SMC and Fanuc gained up to 3 percent thanks to a strong recovery in machine orders. Orders were up 17.1 percent in October, showing the most substantial month-on-month increase since data reporting began in 2005.
In Shanghai, the stock market was down 0.4 percent in the meantime. Figures from the Chinese government showed that consumer prices in the country fell for the first time in about ten years in November due to a decrease in food prices.
The Hang Seng index in Hong Kong climbed 1 percent, and the Kospi in Seoul rose 1.8 percent. The Australian All Ordinaries in Sydney thickened 0.6 percent.
