Japanese equities are extending their rally after the Nikkei 225 reached a record high last week. Monday’s advance was led by gains in the wholesale trading sector after Berkshire Hathaway reported an unrealized gain in Japan’s five largest trading houses of $8 billion.
Topix Index rose 0.4% to 2,671.78 as of 9:09 a.m. Tokyo time.
Nikkei advanced 0.5% to 39,284.63.
Shin-Etsu Chemical Co. contributed the most to the Topix Index gain, increasing 2.6%. Out of 2,152 stocks in the index, 1,461 rose and 557 fell, while 134 were unchanged. Japan was on a holiday on Friday.
“With the Nikkei 225 reaching an all-time high last week, the next one to two weeks will be festive,” said Shoji Hirakawa, a chief global strategist at Tokai Tokyo Research Institute. “High-tech-related companies will continue to gain momentum in the top ranking.”
Investors and strategists see further gains in the Nikkei and are watching for a potential broadening of equities advances that may also take the wider Topix index to an all-time high this year.
Source : Bloomberg
