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The Nikkei average rose on Wednesday morning led by technology stocks

2018-08-08 06:56 am | Resource: NEWS | No Views : 144

The Nikkei average rose on Wednesday morning, led by technology stocks, on the back of strong performance from their counterparts in the United States, while investors also increased bids for companies with strong profits such as Nikon and Dijken.

However, overall gains were limited as the market prepared for US-Japan trade talks in Washington on Thursday. Tokyo is looking for ways to counter US pressure for a bilateral free trade agreement (FTA) and avoid increasing tariffs on its auto exports.

The Nikkei  was up 0.4 percent at 22,754.28 in mid-morning trading, hovering at a one-week high.

"People are cautious ahead of the trade talks on Thursday," said Hikaru Sato, senior technical analyst at Daiwa Securities. "They are preparing for a tough US stance from Japan because that is the pattern with China and Europe."

Tech outpaced its shares, with TDK Corp up 3.9 percent, Hitachi Ltd up 1.7 percent, and Sumco Corp adding 2.3 percent.

NTT Corp jumped 3.1 percent after Telecom announced it would set up a global holding company focused on IT business overseas in the hope of boosting its competitiveness on board.

Nikon Corp jumped 8 percent after the camera maker raised its net profit forecast to 53 billion yen from 50 billion yen for the year ending March 2019 because of strong demand for high-end digital cameras as well as lower costs. It also expects to pay higher annual returns.

Daikin Industries, which operates air conditioning, rose 4 percent after operating profit in April-June rose 11.7 percent to 83.1 billion yen.

On the downside, Kirin Holdings retreated after its business profit fell 5% YoY to 49.2 billion yen.

Nomura Securities said that although it was ahead of its own estimate of 45 billion yen, the main reason for this was the better-than-expected performance in Kiwa Hakku Kerin, which has already announced results.

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