Japan Market hits all-time high

Japan stock market finished session at fresh all time highs on Monday, 26 February 2024, as buying momentum was supported by expectations for robust corporate performance, with shares in pharmaceutical sector leading gains. However, market upside was capped, as some investors opted to cash-in profit on semiconductor-related stocks that surged last week.

The 225-issue Nikkei Stock Average index advanced 135.03 points, or 0.35%, to finish at 39,233.71. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 12.91 points, 0.49%, to 2,673.62, its highest level since February 1990. Japanese markets were closed on Friday on observance of Emperor Birthday public holiday.

 

Shares of pharmaceutical companies outperformed, with Chugai Pharmaceutical and Daiichi Sankyo saw gains of 4.4% and 3.4%, respectively.

Mitsubishi Corp. and Mitsui & Co. both rose about 1.5% after Warren Buffett endorsed Japanese trading firms in his annual shareholder letter.

CURRENCY NEWS: Japanese yen was stood at 150.46 per US dollar, little changed from 1450.49 in Tokyo on Monday.

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