The stock market in Tokyo ended slightly higher on Friday. Investors took a few risks ahead of Japan’s elections, which are to be held next Sunday.
The polls show that it appears to be an exciting battle whether the new Japanese Prime Minister Fumio Kishida can retain a majority in the lower house for his Liberal Democratic Party (LDP).
The Nikkei in Tokyo entered the weekend with a plus of 0.3 percent at 28,892.69 points. Electronics group Panasonic fell 5 percent despite an increase in profit forecast for the full fiscal year. Advantest lost 2.7 percent after the publication of the quarterly figures. The chip test equipment maker’s annual outlook disappointed investors. Keyence added almost 5 percent. The manufacturer of sensors, barcode readers and measuring instruments posted strong profit growth over the past six months. Technology group Sony gained more than 1 percent after a surprising narrow profit increase in the past quarter.
Apple’s Japanese suppliers showed a mixed picture after disappointing quarterly sales of the American technology group. According to CEO Tim Cook, the iPhone manufacturer also suffers from global chip shortages and production disruptions in Southeast Asia. Alps Alpine fell 6 percent, while Murata Manufacturing and Taiyo Yuden gained 0.5 percent and 1.2 percent. In Taiwan, Hon Hai Precision Industry lost more than 1 percent. The company, better known as Foxconn, produces the iPhone and the Mac mini for Apple, among other things.
The Chinese stock exchanges were divided. The stock index in Shanghai gained 0.5 percent in the meantime, and the Hang Seng index in Hong Kong fell 0.6 percent. Evergrande lost 1.7 percent in Hong Kong. According to Reuters news agency, the ailing Chinese real estate group has again paid the interest on one of its loans just in time within the 30-day waiting period. Last week, the group, which is burdened by a huge debt burden, managed to avoid default in the nick of time.
The Kospi in Seoul fell 1.1 percent. Samsung lost 1 percent. The South Korean technology group saw profits rise by more than a quarter last quarter thanks to higher prices for its memory chips. However, the company warned of supply problems at its memory chip branch. According to the company, these are taking longer than expected.