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Banks Support Topix Amid Signals Stocks Are at Overbought Levels


Wednesday, 10 January 2018 13:56 WIB

Saham JepangIndeksTopix


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Banks and automakers boosted Japanese stocks as the Topix index rose for a fourth straight session after U.S. peers hit fresh highs.

Mitsubishi UFJ Financial Group Inc., Toyota Motor Corp. and Honda Motor Co. were the biggest boosts to the gauge. Its 14-day relative strength index, a technical indicator, has been above 70, a level frequently seen by traders see as a sign that shares are overbought, since Jan. 4. The S&P 500 Index climbed 0.1 percent on Tuesday, for a 2.9 percent gain in the first six trading days of the year, as the yield on 10-year Treasury notes hit 2.55 percent. The Nikkei 225 Stock Average dropped, weighed down by Fast Retailing Co.

Topix index +0.2% to 1,892.11 at close in Tokyo. Nikkei 225 index -0.3% to 23,788.20.

Yen +0.3% at 112.32 per dollar; +0.4% on Tuesday.

Source : Bloomberg


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