SYDNEY: Japan’s stock benchmark Nikkei jumped 3 per cent to its highest closing level in more than a month on Tuesday, driven by a gigantic short squeeze, with semiconductor-related companies and retailers leading gains. The Nikkei average rose 3.1 per cent to close at 19,638.81, a peak unseen since March 10. The Nikkei’s volatility index, a measure of investors’ volatility expectations based on option pricing and considered to be a fear gauge, slid 11.9 per cent to a three-week low of 37.48. “A massive short squeeze appears to have powered the rally especially in the afternoon,” said Yasuo Sakuma, chief investment officer at Libra Investments. “At least some investors are seeing early signs of bottoming out and betting a recovery will happen six months ahead.” In the United States, President Donald Trump said on Monday that his administration was close to completing a plan to re-open the economy, which has been largely shut down to slow the spread of the novel coronavirus. Shares of semiconductor-making equipment producers were in demand following a 1.4 per cent gain overnight in the US Philadelphia semiconductor index. Silicon wafer producer Sumco Corp gained 5.5 per cent, test device maker Advantest Corp soared 6.4 per… Read full this story
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