Nikkei rose for the seventh week, thanks to chip stocks

The Japanese Nikkei index rose on Friday, supported by gains in chip companies, as the strong profits achieved by the US company Nvidia continued to enhance the gains of the sector.

The Nikkei index closed up 0.37 percent to 30,916.31 points, achieving gains for the seventh consecutive week, the longest winning streak in five years.

The broader Topix index rose 0.6 percent during the day, but closed unchanged at 2,145.84 points, stopping a series of gains that lasted for six weeks.

Japanese stocks had a volatile week after the two indexes rose on Tuesday to pre-1990 levels before falling sharply.

At the individual stock level, performance on the Nikkei was very mixed. 70 of the 225 shares listed on it rose, while 153 shares declined, and two closed unchanged.

The energy sector was the worst performer on the Nikkei index, and its shares fell 2.45 percent after crude oil prices fell sharply from their highest level in nearly a month.

While technology companies were the best performers, and their shares jumped 0.52 percent.

Chip-making equipment giant Tokyo Electron rose 4.44%, and chip-testing equipment maker Advantest, whose clients include Nvidia Corp, rose 3.92%, after rising 16% on Thursday.