TOKYO, May 30 (Xinhua) -- Japan's benchmark Nikkei stock index extended gains for a fourth straight day on Tuesday, despite a lack of fresh trading cues and renewed fears over the U.S. debt ceiling issue.
The 225-issue Nikkei Stock Average added 94.62 points, or 0.30 percent, from Monday to close the day at 31,328.16, marking its highest closing level since July 26, 1990.
The broader Topix index, meanwhile, shed 1.43 points, or 0.07 percent, to finish at 2,159.22.
Dealers here said that trading got off to a choppy start as some investors looked to secure profits following the market's recent gains, while others opted to sell amid a lack of fresh trading cues as markets in the U.S. and Britain were closed Monday for public holidays.
"The morning session was dominated by profit-taking and selling due to a lack of trading cues, but buyers began to return as they saw the support level was firm," Toshikazu Horiuchi, an equity strategist at IwaiCosmo Securities Co., was quoted as saying.
Previous hopes that a deal had been reached on raising the U.S. debt ceiling to avoid an unprecedented default were dashed to a degree, traders here said, following some Republican lawmakers indicating they may vote against the deal.
The deal needs to pass by both chambers of Congress as the deadline draws closer, with jitters stoked by U.S. Treasury Secretary Janet Yellen saying recently the U.S. government will default on its debts if Congress does not raise the debt ceiling by June 5.
Adding to some market consternation and future interest rate hikes by the U.S. Federal Reserve, meanwhile, which could be to the detriment of its economy, strategists here said key employment and other U.S. economic data due this week would be evenly eyed for clues as to the Feds' moves.
Semiconductor issues continued to find traction, with Nomura Securities strategist Kazuo Kamitani quoted as saying, "The Nikkei Stock Average has been rising and stocks related to semiconductors and trading companies have been on a rapid upswing."
Chip-linked issues continuing to rise following their U.S. peers' rally late last week included chip-testing equipment maker Advantest gaining 2.4 percent, while chipmaker Screen Holdings extended gains rising 2.2 percent.
While Kobe Steel was among other notable advancers, climbing 5.7 percent, Japan Airlines dropped 0.7 percent, as air transportation issues were hit by rising crude oil prices.
By the close of play, iron and steel, precision instrument, and transportation equipment issues comprised those that declined the most.
The turnover on the Prime Market on the second trading day of the week came to 3,019.48 billion yen (21.53 billion U.S. dollars). ■
