Tech Companies Crash on Positive Japanese Stock Market

The Tokyo stock exchange closed higher on Tuesday. Investors sold the shares of tech companies, which surged during the corona crisis, and entered companies expected to benefit more from the economic recovery.

 

The other major stock market indicators in the Asian region showed a mixed picture.

The leading Nikkei in Tokyo finally ended up 1 percent in the plus at 29,027.94 points after a faltering start to the trading day. On a macroeconomic level, it appeared that the Japanese economy grew by 2.8 percent in the fourth quarter.

The third-largest economy in the world thus showed a recovery for the second consecutive quarter. The growth was lower than a previous estimate.

Japanese automakers Toyota and Honda and banks and real estate companies, struggling with corona, were among the strongest risers. A depreciation of the Japanese yen also provided support for export companies. A fall in the yen makes the products of these companies cheaper abroad.

Computer game maker Nintendo, which benefited greatly from sitting at home last year due to the corona crisis, lost 1.7 percent.

The All Ordinaries in Sydney climbed 0.5 percent, led by the Australian banks. In Seoul, the Kospi was 0.2 percent lower in the meantime. The Hang Seng index in Hong Kong gained 1 percent, and the main index in Shanghai fell 0.4 percent.

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