Japan's Nikkei inches higher as Fast Retailing, chip shares gain [Reuters]
FAST RETAILING UNSP/ADR (FRCOY)
NASDAQ:AMEX Investor Relations:
fastretailing.com/eng/ir
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Source: Reuters
losses, underpinned by gains in Uniqlo clothing shop owner Fast Retailing and heavyweight chip makers. The Nikkei index inched up 0.02% to 27,624.96 by the midday break, after slipping into the negative territory momentarily. The broader Topix was 0.04% lower at 1,927.97. The Nikkei was firm despite losses on the European stocks overnight, after the euro dropped below 99 cents for the first time in 20 years and European gas prices surged after Russia said its main gas supply pipeline to Europe would stay shut. “Investors bought back beaten down stocks, particularly chip shares,” said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities. “Japan's economy is supported by various government measures and stable compared with other countries, which gives a comfort to investors.” Fast Retailing gained 0.27% and provided the biggest support to the Nikkei. Chip giants Tokyo Electron and Advantest edged up 0.28% and 0.52%, respectively. O
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