Nikkei closed slightly higher on rate hike and Covid fears in China

Japanese stocks closed slightly higher on Monday, although stocks included in the Nikkei index remained below 28,000 points, as a rise in the number of COVID-19 infections in China overshadowed sentiment in Asia while traders waited for more clarity regarding the issue. What will happen to interest rates.

The Nikkei ended trading up 0.2 percent, recording 27,944 points. The broader Topix index rose 0.3 percent, recording 1972 points. Indicators remain in place for about a week. Trading volumes are expected to be limited due to holidays in the United States and Japan during the week.

Sapporo Holdings led the gains, up 2.8 percent. The stocks of commercial institutions rose, benefiting from the rise and volatility of commodity and energy prices. Shares in Marubeni rose 2 percent and touched a record 1,514 yen in morning trade.

However, those gains were offset by a sharp decline in other stocks, led by the share of the insurance company, Sombo Holdings, which fell 8 percent after the company announced net losses in six months after the end of trading hours on Friday.