Japan's Nikkei ends slightly higher amid U.S. economic concerns
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E-mail Xinhua, February 28, 2023
Japan's benchmark Nikkei stock index ended fractionally higher Tuesday amid a lack of fresh trading cues although concerns over prolonged rate hikes and a possible U.S. recession clouded the market mood.
The 225-issue Nikkei Stock Average edged up 21.60 points, or 0.08 percent, from Monday to close the day at 27,445.56.
The broader Topix index, meanwhile, added 0.50 point, or 0.03 percent, to finish at 1,993.28.
Dealers here said that outperforming stocks were sold for profits owing to a lack of major trading cues, with major indexes on Wall Street only ending marginally higher overnight.
They added that hopes for increased tourism gave related domestic issues a lift, but ongoing concerns the U.S. Federal Reserve's possible prolonged rate hikes could tip the world's largest economy into a recession saw investors opt not to make bold moves.
"Prospects for prolonged interest rate hikes in the United States were capping the market's topside," Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co., was quoted as saying.
Technology-oriented issues fueled the market's early rise following their U.S. peers advancing overnight, with chip-making equipment maker Advantest rising 0.5 percent, while technology startup investor SoftBank Group gained 0.9 percent.
M3 Inc., an online medical services provider, for its part, ended the day 2.2 percent higher.
Among tourism-related issues gaining on hopes for increased demand, department store operator J. Front Retailing rose 1 percent, while Tokyo Disney Resort operator Oriental Land jumped 3.5 percent.
Semiconductor-manufacturing equipment maker Tokyo Electron was among the notable decliners, however, slipping 0.3 percent.
By the close of play, service and real estate shares comprised issues that gained the most.
Marine transportation and iron and steel issues were among the day's biggest decliners.
The turnover on the second trading day of the week came to 3,381.95 billion yen (24.74 billion U.S. dollars).
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