Japan's Nikkei ends 2024 with nearly 20% rise
Japanese markets will reopen on Jan 6, 2025, after closing for the New Year holidays starting Tuesday.
JAPAN’S Nikkei share average retreated on 2024‘s last trading day on Monday (Dec 30) from the five-month-high hit in the last session, as investors locked in profits on the index that rose nearly 20 per cent for the year.
The Nikkei fell 0.96 per cent to close at 39,894.54 after opening 0.11 per cent higher. It ended at a five-month closing high of 40,281.16 on Friday after a three-session winning streak.
The index rose 19.22 per cent this year, underpinned by a weaker yen and the Japanese central bank’s low-rate policy. In 2023, it had gained 28 per cent.
The broader Topix eased 0.6 per cent to 2,784.92.
“Investors sold stocks today because they could not find clear reasons for the Nikkei to cross the 40,000 levels,” said Fumio Matsumoto, chief strategist at Okasan Securities.
“But that does not mean investors are pessimistic about the market in the coming year. They may just want to avoid risks during the market close in Japan for the new year, which is longer than usual.”
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Japanese markets will reopen on Jan 6, 2025, after closing for the New Year holidays starting Tuesday.
Uniqlo-brand owner Fast Retailing shed 1.59 per cent to drag on the Nikkei the most. Chip-testing equipment maker Advantest fell 2.6 per cent.
Nissan Motor slipped 5.73 per cent to become the biggest percentage loser on the benchmark. The carmaker surged 33.7 per cent this month as merger talks with peer Honda Motor surfaced. However, the stock ended the year 13.39 per cent lower.
Fujikura, which makes wire cabling for data centres, grew six-fold this year, becoming the top percentage gainer on the Nikkei.
Lasertec, which makes inspection equipment used in chip-making, fell 59 per cent this year and was Nikkei’s worst performer of the year. REUTERS
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