Nikkei Closed at a 29-Year High

The Nikkei index closed Thursday, November 12th, near its 29-and-a-half year high as technology stocks tracked their US counterparts, but gains were capped by profit-taking selling following a surge fueled by optimism about developments related to a Covid-19 vaccine.

The Nikkei index rose 0.68% to 25,520.88 points, after reaching its highest level since June 5th, 1991 earlier in the session.

Shares fell briefly in afternoon trading, as some investors were cautious about the rally and sold shares for a profit.

The broader Topix index fell 0.16% to 1,726.23 points, ending gains that lasted for seven sessions in a row. Only 8 sub-sector indices rose in the Tokyo Stock Exchange from 33.

Sectors such as real estate, aviation, and financial companies, which rose thanks to the pollen hopes, fell between 1.32% and 3.36%.