Nikkei rises to 1-week high but breaks 9-week winning streak

Asian Stock Markets

Japan’s Nikkei share average rose to a one-week high on Friday, helped by gains in most sectors while chip-related stocks such as Sumco and Tokyo Electron outperformed.

 The Nikkei ended 0.2 percent higher to 22,396.80, the highest closing since Nov. 10. However, it fell 1.3 percent for the week, snapping a nine-week winning streak.

Semiconductor equipment maker Tokyo Electron gained 1.0 percent and semiconductor silicon wafer manufacturer Sumco Corp surged 4.9 percent.

Consumer electronics products makers also staged a rally. Sony Corp gained 0.7 percent and Panasonic Corp advanced 0.8 percent.

On the other hand, utility stocks and paper shares slipped and were the worst performers on the board. Chubu Electric Power dropped 1.1 percent, Hokuriku Electric Power shed 1.4 percent and Tokyo Gas declined 1.7 percent.

Nippon Paper Industries dropped 1.4 percent and Oji Holdings declined 1.2 percent.

The broader Topix gained 0.1 percent to 1,763.76.