Japan Nikkei rises 0.6%

Japan share market modestly advanced in light trading on Monday, 26 December 2022, supported by tracking Wall Street gains late last week with heavyweight technology and energy stocks leading the gains, while a pullback in banks and insurers capped the market upside.

The 225-issue Nikkei Stock Average index rose by 151.90 points, or 0.6%, to 26,387.15. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 3.93 points, or 0.21%, to 1,901.87.

Technology and energy stocks leading the gains, with Idemitsu Kosan rising 2.5% on the back of higher oil prices. Heavyweight Uniqlo brand owner Fast Retailing rose 1.7% and chip-making equipment maker Tokyo Electron gained 1.7%. Air-conditioning maker Daikin Industries climbed 1.5%.

Shares of banks and financials declined on profit booking after strong recent rally with heavyweight technology and energy stocks leading the gains, while a pullback in banks and insurers weighed on the market. Sumitomo Mitsui Financial Group lost 2.39%.

CURRENCY NEWS: The Japanese yen stood at 132.58 against US dollar in Asian trade on Monday, 0.15% appreciated from Friday's close of 132.79, after trading in the range between 132.32-132.82.

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