TOKYO: Tokyo’s benchmark Nikkei index ended Friday fractionally lower but finished the year at a quarter-century high thanks to record rallies on Wall Street and brisk results from Japan Inc.
The bellwether index surged 19.1 percent from a year earlier to 22,764.94, the sixth straight annual gain, rising to levels last seen in 1992.
The broader Topix index was up 19.7 percent in 2017 to 1,817.56.
“The market enjoyed a sound gain this year on the back of a strong recovery in earnings of Japanese companies,” said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.
Japanese shares have also taken a positive lead from Wall Street where stocks hit a series of record highs.
“Sentiment is expected to remain positive next year while there are some potential risks, including a strong yen, a slump in global stocks and a North Korean missile launch,” Horiuchi told AFP.
On Friday alone, both the Nikkei and the Topix lost 0.08 percent.
Tokyo shares opened higher Friday, tracking fresh record highs on Wall Street.
But profit-taking emerged in late trading as investors cashed in ahead of New Year holidays.
The Tokyo markets will not resume trading until Thursday.
In individual Tokyo share trading, SoftBank lost 0.11 percent from Thursday to 8,920 yen after the telecom giant struck a deal with Uber to take a large stake in the US ridesharing giant.
SoftBank will own 15 percent of Uber’s equity by acquiring shares from early investors, according to a source familiar with the terms of the deal.
Convenience chain operator Lawson dropped 3.10 percent to 7,490 yen as a news report said its operating profit was expected to fall.
Sony was down 0.17 percent to 5,083 yen while Uniqlo chain operator Fast Retailing also lost 0.17 percent to 44,910 yen.
The dollar stood at 112.72 yen, slightly down from 112.85 in New York and 112.80 yen in Tokyo late Thursday.
Source: Brecorder.com
