Japan, China shares climb in thin holiday trade
Tokyo and Shanghai stocks closed higher yesterday but trade lacked direction with several major markets closed for Easter holidays. In Japan, the benchmark Nikkei 225 index added 0.50 percent, or 110.44 points, to 22,200.56, while the broader Topix index climbed 0.12pc, or 1.96 points, to 1,616.93.
The market’s main gainer was Nintendo, which jumped more than 14pc on reports its games and popular Switch console will soon be available in China. Meanwhile, Chinese stocks managed to claw higher despite some early wobbles over concerns that China’s slowing economy could hit soon-to-be-released corporate earnings.
The benchmark Shanghai Composite Index gained 0.63pc, or 20.62 points, to close at 3,270.80. The Shenzhen Composite Index, which tracks stocks on China’s second exchange, added 0.94pc, or 16.51 points, to end the day at 1,778.81. The Japanese market stayed comfortably in positive territory throughout the day, initially lifted by strong gains in overseas markets.
But a lack of fresh clues and the closure of several major international markets for Easter prompted position adjustment and profit-taking in the afternoon session said Okasan Online Securities in a commentary. “After an initial round of buying subsided, (the Nikkei index) became trapped inside a narrow range around 21,200,” Okasan said.