Chip and Tech Companies Turn Japanese Stock Market on Profit

The Tokyo stock exchange closed with a profit on Tuesday. The chip and technology companies, in particular, were picked up again following the price gains among American peers. In addition, they were waiting for the quarterly earnings season in Japan, which starts next week.

 

The other major equity markets in the Asian region also improved. Apple’s Asian suppliers managed to draw attention to themselves after presenting the new products of the American tech group.

Japan’s main index, the Nikkei 225, eventually closed 0.7 percent in the plus at 29,215.52 points. Chip equipment maker Tokyo Electron rose nearly 2 percent, and tech investor SoftBank gained more than 2 percent. Robot maker Fanuc climbed 1.7 percent. The container carriers Kawasaki Kisen and Nippon Yusen also did good business and gained up to 8 percent. On the other hand, the oil companies were sold after the strong price gains that followed the rise in oil prices. Inpex and Japan Petroleum Exploration fell to 5 percent.

Taiyo Yuden and Murata Manufacturing, two Japanese suppliers to Apple, lost more than 2 percent and almost 1 percent. The American tech group presented its new laptops with their own chips and a new version of its wireless earbuds, AirPods. In Taiwan, Foxconn fell 1 percent. The Taiwanese tech group, which assembles iPhones for Apple, has presented its first electric cars. These are concept cars for SUV and sedan models. Foxconn wants to build the cars for customers instead of selling them as their own brand.

The stock market indicator in Shanghai was 0.8 percent higher in the meantime, and the Hang Seng index in Hong Kong rose 1.1 percent. Chinese web store Alibaba and meal delivery company Meituan won 0.4 and 1.4 percent in Hong Kong. Investors also kept an eye on the development around Evergrande. According to media reports, talks between the ailing Chinese real estate developer and industry peer Hopson Development have ceased. It was previously reported that Evergrande would like to raise money by selling a 51 percent stake in its real estate business to Hopson.

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