Japanese TOPIX closes at a 33-year high with buying support to seize deals

The Japanese Topix index ended trading on Friday at the highest level in 33 years, as it achieved significant gains as investors sought to seize profitable deals and acquire undervalued shares, while the gains were led by Sony Group shares and financial sector shares.

Topix rose 0.76 percent to 2,349.75 points, the highest closing level since July 1990.

The index advanced 3.7 percent during the week, its largest weekly gain since the week ending October 7, 2022.

The Nikkei index rose 0.28 percent to 32,710.62 points, recording a weekly gain of 3.44 percent.

The Nikkei had recorded its highest level in 33 years in June, supported by strong demand from foreign investors for heavy stocks, but they have stopped buying recently, as data showed the exodus of foreign flows from Japanese stocks for two consecutive weeks.

The shares of Sony Group, which manufactures games and audio equipment, jumped 3.21 percent to provide the greatest support to the Topix index, followed by the shares of Mitsubishi UFJ Financial Group, which rose 1.7 percent.

This rise came in the wake of the Nikkei’s recovery from its lowest level in two months, which it recorded in mid-August.

All of the 33 sectoral indices on the Tokyo Stock Exchange advanced with the exception of one, led by the index of shares of energy exploration companies, which rose 3.2 percent.