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Japan stocks edge up, gains limited after rally; techs supported

Published 07/02/2019, 02:22 PM
Updated 07/02/2019, 02:30 PM
Japan stocks edge up, gains limited after rally; techs supported

* Nikkei gains 0.1%, brushes 2-month high
* Market takes a breather after previous day's surge
* Techs shares supported after Wall St peers rally

By Shinichi Saoshiro
TOKYO, July 2 (Reuters) - Japanese stocks eked out modest
gains on Tuesday as investors were more circumspect after the
previous day's relief rally over U.S.-China trade talks, while
tech shares benefited from a rise in their Wall Street
counterparts.
Japan's Nikkei share average .N225 ended the day up 0.11%
at 21,754.27 after brushing 21,784.22, its highest since May 7.
The index had gained 2.1% on Monday as risk sentiment
improved after the United States and China agreed to restart
trade talks during a G20 summit over the weekend.
"Profit-taking after the previous day's big gains is capping
the market," said Soichiro Monji, senior strategist at Sumitomo
Mitsui DS Asset Management.
"The trade issue is an ongoing process which cannot be
digested at once. Meanwhile the market will turn to
fundamentals, notably the U.S. economy, and corporate results
for near-term guidance."
Tech-related companies advanced after their U.S. peers
.SPLRCT jumped overnight.
Tokyo Electron 8035.T gained 2.9%, Mitsubishi Electric
Corp 6503.T added 0.85% and Screen Holdings 7735.T climbed
4.5%.
Fujifilm Holdings Corp 4901.T rose 1.45% following news
that it will team up with German drugmaker Bayer BAYGn.DE to
develop cancer treatment using induced pluripotent stem cells
(iPS). nL8N242486
Workman 7564.T was up 5.8% after the maker and distributor
of workwear reported that its existing store sales increased
35.8% in June on a year-on-year basis. company System Integrator Corp 3826.T rallied
10.7% after it revised up its operating profit forecast for the
six months through August to 200 million yen ($1.85 million)
from 140 million yen. Of Tokyo's 33 subindexes, 28 were in positive territory.
Advancing issues outnumbered decliners 1,429 to 628.
The broader Topix .TOPX added 0.31% to 1,589.84.
($1 = 108.4000 yen)

(Editing by Shri Navaratnam)

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