Tokyo: Shares post fourth weekly gain

[TOKYO] Japanese shares closed higher on Friday to post their fourth straight weekly gain, as heavyweight chipmakers jumped, and some investors caught up on a recent rally.

Hopes from the new leadership, rising Covid-19 vaccinations and easing infections have powered a 8.58 per cent jump in the Nikkei share average for the month so far. Despite a fall in the past two sessions, the index is still ending with a 0.39 per cent weekly gain, marking an increase for fourth straight week.

The benchmark index rose 0.58 per cent to close at 30,500.05, while the broader Topix gained 0.48 per cent to 2,100.17.

"Shares rose because some investors wanted to boost weightings of Japanese stocks in their portfolio. And there's demand from those who failed to buy Japanese stocks in a rally earlier this month," said Jun Morita, general manager of the research department at Chibagin Asset Management.

Medical services platform provider M3 led the Nikkei's gain with a 4.91 per cent rise, followed by chip-related stocks Tokyo Electron and Advantest, which rose 1.24 per cent and 2.4 per cent, respectively.

REUTERS