Japan Market rises to fresh 29 year-high

Japan share market finished session at fresh 29 year-high on Friday, 27 November 2020, as investor confidence climbed over prospects of recovery in economic growth following promising news on COVID-19 vaccine distribution. A drop in US political uncertainty after President-elect Joe Biden's transition to the White House and signs of pick-up in the Chinese economy also lifted the market.

At closing bell, the 225-issue Nikkei Stock Average advanced 107.40 points, or 0.4%, to 26,644.71, the best finish since April, 1991. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 8.27 points, or 0.47%, to 1,786.52.

 

Shares of electronic parts manufacturers advanced on hopes for increased demand related to electric vehicles, 5G communications and other new technologies. Nidec gained 3.8% while Murata Manufacturing rose 2.4%. Keyence rose 1.7%.

Ballpark operator Tokyo Dome Corp was untraded with glut of buy orders, quoted up 16.7% at the session's upper price limit after the company said it will discuss a take-over bid by property developer Mitsui Fudosan. Mitsui Fudosan gained 2%.

CURRENCY NEWS: The dollar fetched 104.07-08 yen compared with 104.25-35 yen in London at 4 p.m. and 104.32-33 yen in Tokyo at 5 p.m.

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