(Bloomberg) -- Japanese equities snapped a three-day losing streak after US President Donald Trump announced a tentative ceasefire between Iran and Israel that soothed market sentiment.
SoftBank Group Corp. contributed the most to the Topix Index gain, increasing 5.6%. Out of 1,683 stocks in the index, 1,077 rose and 530 fell, while 76 were unchanged.
“With oil prices dropping significantly and the impression that geopolitical risks have receded for the time being, the development is being viewed positively for now,” said Sohei Takeuchi, a senior portfolio manager at Sumitomo Mitsui DS Asset Management Co.
Electric appliances and banks led gains in the Topix, while energy related shares dropped, tracing a slump in oil prices.
Still, factors that may drag down shares remain, such as Trump’s unresolved tariff threats and the Federal Reserve’s uncertain policy outlook.
“Selling pressure seems to be accumulating, and a sharp selloff could be triggered should there be tariffs or risk-off factors,” said Kohei Onishi, senior investment strategist at Mitsubishi UFJ Morgan Stanley.
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