Nikkei Posts Record Closing High for 2nd Straight Day

Tokyo, Feb. 26 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average posted a record closing high for the second successive day on Thursday, while its topside was limited amid profit-taking pressure. The index of 225 selected issues listed on the Tokyo Stock Exchange’s Prime section closed at 58,753.39, up 170.27 points, or 0.29 pct, from the previous day. The broader TOPIX index climbed 37.18 points, or 0.97 pct, to 3,880.34. The Nikkei average reached as high as around 59,300 soon after the opening bell, topping the 59,000 threshold for the first time on an intraday basis. However, the index gradually lost steam later as heavyweight components, especially semiconductor-related issues, met with selling to lock in profits. U.S. chip giant Nvidia’s record quarterly results for November-January failed to impress investors as the strong figures were “taken for granted,” said an official at a Japanese securities firm. Following Nvidia’s earnings report, U.S. stock index futures fell, prompting selling in artificial intelligence-related stocks, including Tokyo Electron, which shed 1.99 pct, and Advantest, which lost 1.71 pct. On the other hand, bank shares rebounded from the previous day’s sell-off. Software-related issues also rallied, backed by overnight gains in their U.S. peers, which had been sluggish amid concerns about AI-posed threats. “We are seeing a sector rotation, and investors’ buying appetite remains strong,” said an official at a major brokerage firm. END [Copyright The Jiji Press, Ltd.]