Friday, 11 January 2019 10:13 WIB |
MARKET UPDATE |
Japanese stocks rallied on Friday tracking a strong U.S. shares, offsetting weakness in convenience stores which reported dismal quarterly earnings on the previous day.
The Nikkei share average rose 0.7 percent to 20,306.16 at the midday break. For the week, it has added 3.7 percent.
The Nikkei has recovered the psychologically important line of 20,000 on hopes of a U.S.-Chinese trade deal, which tempered worries over the impact of the dispute on global growth.
Trade-related optimism faded somewhat as China offered little in the way of details on key issues such as forced technology transfers, intellectual property rights, tariff barriers and cyber attacks
Still, there was other positive news to keep investors relatively comfortable on equities. Wall Street rose after Federal Reserve Chairman Jerome Powell said the U.S. central bank intends to further shrink the balance sheet.
Tech shares, machinery stocks and automakers gained ground. Advantest Corp jumped 3.6 percent, Komatsu added 2.2 percent, while Honda Motor Co climbed 1.8 percent.
The broader Topix gained 0.3 percent.