The Stock Market in Japan Closed on Friday with A Solid Profit

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The stock market in Japan closed on Friday with a solid profit, after two consecutive losses.

 

US President Donald Trump’s plans to gradually reopen the largest economy in the world and reports of a possible treatment for the disease caused by the coronavirus sparked optimism among investors.

A sharp contraction of the Chinese economy in the first quarter had little impact on the positive mood.

The Nikkei in Tokyo went up 3.2 percent over the weekend at 19,897.26 points and reached the highest level in five weeks. The Japanese main index gained 2 percent this week. The Japanese chip companies were in demand thanks to the reliable quarterly results of the essential Taiwanese chipmaker TSMC, which climbed 7 percent in Taipei.

Tokyo Electron and Advantest won 3.9 and 6.5 percent. The automakers also did good business. Honda increased by 8.3 percent, and Mazda rose 4.6 percent.

The stock market indicator in Shanghai was 1.1 percent higher in the meantime. The Chinese economy contracted by 6.8 percent in the first quarter.

It was the first contraction since the country started recording quarterly figures in 1992. Besides, Chinese retail sales fell by 15.8 percent in March, and industrial production declined by 1.1 percent. Both numbers were less harmful than in January and February.

The Hang Seng index in Hong Kong increased 2.5 percent and the Kospi in Seoul gained more than 3 percent. The Australian All Ordinaries in Sydney posted a 1.7 percent profit.

Investors pulled up on a strong rebound in US opening indicators, after reports that the drug Remdesivir shows promising results in treating corona patients. Gilead Sciences developed Remdesivir as a treatment for Ebola.

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