Japanese shares edge up; Tokyo Electron jumps

Published: April 26, 2018 10:22:46 | Updated: April 28, 2018 12:33:47


File Photo (Collected)

Japanese stock markets edged up on Thursday, buoyed by gains in US shares overnight and a sharp jump in index heavyweight Tokyo Electron after it forecast strong profits for this fiscal year.

The Nikkei was up 0.5 per cent at 22,332.32 points by midmorning.

Semiconductor equipment maker Tokyo Electron jumped 9.7 per cent and was the third most traded stock by turnover after it said it expected a 30 per cent rise in its operating profit to 366 billion yen for this fiscal year ending March 2019.

It also expects to post a record profit for a third straight year, reports Reuters.

The stock, which contributed a hefty 71 positive points to the Nikkei, had been battered in the past month following weakness in tech shares globally, so investors found this an opportunity to buy back.

Other chip-related stocks followed suit. Advantest Corp soared 3.4 per cent, silicon maker Sumco Corp surged 4.4 per cent and semiconductor equipment maker Screen Holdings advanced 3.9 per cent.

The broader Topix added 0.2 per cent to 1,771.98.

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