April 27, 2018 / 2:50 AM / 3 months ago

Nikkei rises as chip-related stocks rally on earnings; Fanuc hit by profit warning

TOKYO, April 27 (Reuters) - Japanese stocks rose on Friday morning as chip-related firms rallied after brisk earnings forecasts from Advantest and Kyocera, but a profit warning from index-heavy Fanuc saw its shares nosedive.

The Nikkei share average gained 0.3 percent to 22,375.71 in midmorning deals on the last trading day of April. Markets will be closed on Monday in Japan for a national holiday.

For the week, the Nikkei has gained 1.1 percent so far and is poised for a fifth straight weekly gain, the longest winning streak since last fall. The index has risen 4.4 percent for the month, the biggest monthly rise since last October

The market has been supported by a weaker yen, earnings hopes and more recently on easing worries over a full-scale China-U.S. trade war.

Semiconductor equipment maker Advantest and Kyocera, which makes electronic devices, jumped around 12 percent each after forecasting strong profits this fiscal year. Kyocera also announced a share buyback plan.

In sharp contrast, industrial robot maker Fanuc Corp tumbled 12 percent after the company said it expects annual operating profit to fall 34 percent to 151.7 billion yen ($1.4 billion), citing trade friction and lean investment in technology.

The broader Topix advanced 0.1 percent to 1,774.39. (Editing by Shri Navaratnam)

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