Japan stocks rose for
the first time this year, following U.S. equities higher, as speculation
mounted that a China-fueled global rout has gone too far.
The Topix index jumped
2.8 percent to 1,441.39 at the trading break in Tokyo, the most since
Sept. 9, after closing Tuesday at the lowest level in more than three
months to cap the worst start to a year on record. The Nikkei 225 Stock
Average gained 2.7 percent to 17,682.33.
The Topix’s 14-day
relative strength index fell to 24.4 on Tuesday, below the level of 30
that some traders say indicates shares will rise. The stock index lost
9.4 percent in the first six days of the year.
Tire makers,
brokerages and car manufacturers led gains among the 33 Topix industry
groups. Electronic component makers TDK Corp., Murata Manufacturing Co.
and Nidec Corp. jumped at least 3.9 percent after Credit Suisse Group AG
boosted its target share price on the stocks.
Oriental Land Co.,
which operates the Tokyo Disney Resort, added 4.8 percent after the
Nikkei newspaper said its operating profit will recover. Nintendo Co.
jumped 7 percent on high expectations ahead of a new smartphone game
release, analyst Hideki Yasuda at Ace Research Institute told Bloomberg.
Source : Bloomberg
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