TOKYO - Japan's Nikkei rallied the most in nearly 21 months on Thursday, tracking a rebound in global peers as battered market sentiment recovered with Ukraine and Russia looked set to resume diplomatic talks and crude oil prices easing from recent highs.
The Nikkei share average surged 3.94% to 25,690.40, with 222 of its 225 component stocks advancing. The rally came after the benchmark lost 7% over the previous four sessions, touching its lowest since November 2020 at 24,681.74 on Wednesday.
Every Nikkei sector rose on Thursday, with basic material stocks up the most, jumping 6.18%, followed by 4.72% gains for both real estate and consumer cyclicals. Tech and auto shares also rallied.
Stocks related to the so-called pandemic reopening trade also stood out, as new infections in the country continued to decline from a high in early February.
The broader Topix soared 4.04%, after shedding 6.5% in the last four sessions.
A rally in U.S. and European equities spurred investors to rush back to buy Japanese shares as a pause in the surge in commodity prices also provided respite, according to traders.
While many uncertainties remain around the Ukraine conflict, the easing of Omicron cases in Japan is making domestic demand-related stocks attractive, they said.
Chemical company Showa Denko was the Nikkei's biggest percentage gainer, up 10.40%.
Vehicle battery-supplier GS Yuasa was next with a 10.03% rise, with Shin-Etsu Chemical rounding out the top 3 with a 9.74% advance.
Suzuki led automakers on the Nikkei with an 8.85% rally, followed closely by an 8.61% jump for Nissan. Toyota rose 5.42%.
Chipmaking giant Tokyo Electron was the Nikkei's biggest gainer by index points, rising 4.81%. Peers Advantest and Renesas added 3.89% and 4.97%, respectively.
Travel company H.I.S. gained 6.95%, and airline ANA Holdings rose 5.48%.
The Nikkei share average surged 3.94% to 25,690.40, with 222 of its 225 component stocks advancing. The rally came after the benchmark lost 7% over the previous four sessions, touching its lowest since November 2020 at 24,681.74 on Wednesday.
Every Nikkei sector rose on Thursday, with basic material stocks up the most, jumping 6.18%, followed by 4.72% gains for both real estate and consumer cyclicals. Tech and auto shares also rallied.
Stocks related to the so-called pandemic reopening trade also stood out, as new infections in the country continued to decline from a high in early February.
The broader Topix soared 4.04%, after shedding 6.5% in the last four sessions.
A rally in U.S. and European equities spurred investors to rush back to buy Japanese shares as a pause in the surge in commodity prices also provided respite, according to traders.
While many uncertainties remain around the Ukraine conflict, the easing of Omicron cases in Japan is making domestic demand-related stocks attractive, they said.
Chemical company Showa Denko was the Nikkei's biggest percentage gainer, up 10.40%.
Vehicle battery-supplier GS Yuasa was next with a 10.03% rise, with Shin-Etsu Chemical rounding out the top 3 with a 9.74% advance.
Suzuki led automakers on the Nikkei with an 8.85% rally, followed closely by an 8.61% jump for Nissan. Toyota rose 5.42%.
Chipmaking giant Tokyo Electron was the Nikkei's biggest gainer by index points, rising 4.81%. Peers Advantest and Renesas added 3.89% and 4.97%, respectively.
Travel company H.I.S. gained 6.95%, and airline ANA Holdings rose 5.48%.
Pick the best companies to invest
BECOME AN ETPRIME MEMBERRead More News on
(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.
Pick the best stocks for yourself
Powered by