Tokyo stocks continued to rise in lackluster trading amid a dearth of fresh incentives on Monday.
The Nikkei average of 225 selected issues listed on the first section of the Tokyo Stock Exchange gained 65.21 points, or 0.28 percent, to end at 22,985.51. On Friday, the key market gauge added 39.68 points.
The Topix index of all first-section issues was up 3.07 points, or 0.19 percent, at 1,607.13, after advancing 4.86 points the previous trading day.
Sentiment improved thanks to a rise in U.S. equities on Friday that followed an improvement in the IHS Markit manufacturing purchasing managers index for August, brokers said.
But trading was slow overall in the absence of active trading by foreign investors amid the summer holiday season.
“Investors found it inadvisable to step up trading as they closely watched the standoff over a new coronavirus relief package in the United States,” said Ryuta Otsuka, strategist at the investment information department of Toyo Securities Co.
“Trading incentives dried up after the end of the earnings reporting season for April-June,” an official of a major securities firm said.
“Thin trading is expected to continue until early September,” with no market-moving factors and events expected in the near term, another brokerage official said.
Falling issues outnumbered rising ones 1,070 to 999 in the TSE’s first section, while 103 issues were unchanged.
Volume decreased to 776 million shares from Friday’s 910 million shares.
Supermarket chain Kobe Bussan hit a year-to-date high, ending 5.48 percent higher on continuing hopes for earnings growth thanks to strong demand from stay-at-home consumers amid the spread of the new coronavirus.
Publisher Kadokawa extended its winning streak to an eighth session.
Among other winners were clothing store chain Fast Retailing and air conditioner maker Daikin.
On the other hand, some oil names including Cosmo Energy and Idemitsu fell due to a drop in crude oil prices.
Kawasaki Heavy was down for the eighth consecutive session.
In index futures trading on the Osaka Exchange, the key September contract on the Nikkei average gained 100 points to end at 23,000.
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