Tokyo shares edge higher on strong US jobs data

Tokyo shares edge higher on strong US jobs data

TOKYO (AFP/APP): Tokyo’s Nikkei index firmed on Monday, tracking gains on Wall Street although developments in Ukraine and Covid-19 lockdowns in China weighed on the market.
The benchmark Nikkei 225 index shed earlier losses and ended up 0.25 percent, or 70.49 points, to 27,736.47. The broader Topix index rose 0.48 percent, or 9.36 points, to 1,953.63.
The Tokyo market opened up after Wall Street stocks finished modestly higher Friday as solid US jobs data boosted expectations for more Federal Reserve interest rate hikes.
However, selling of semiconductor shares kicked in during early trade, driving the Nikkei index into negative territory, but investors were still willing to pick up bargains, preventing the market from falling to 27,500, Okasan Online Securities said in a note.
SMBC Nikko Securities said the Nikkei “took one step forward and one step back as the market saw both positive and negative incentives such as rising US shares and spread of the novel coronavirus in Shanghai.” China’s key economic hub Shanghai is now facing phased lockdowns as authorities attempt to contain a new wave of Covid infections.
Traders kept their eyes on Ukraine as global outrage mounts at accusations of Russian war crimes with the discovery of corpses in streets near Kyiv.
In the Tokyo market, some major shares benefited. Sony Group rose 0.96 percent to 12,650 yen. SoftBank Group surged 3.71 percent to 5,785 yen.
Energy developer Inpex added 2.82 percent to 1,459 yen. Toyota added 0.27 percent to 2,211 yen.
However, Uniqlo-operator Fast Retailing lost 1.64 percent to 61,250 yen. Advantest, a major producer of tools to build semiconductors, gave up 1.26 percent to 9,380 yen.

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