Equity index futures were volatile in after-hours trading, with Nikkei 225 futures ending ¥200 higher than the previous day. The cash market moved largely within a range in the afternoon, with earnings from major technology companies serving as a market catalyst.
The December Nikkei 225 futures contract in Osaka ended at ¥64,730, up ¥200 from the previous day. It opened at ¥64,340, below the level of Chicago futures, but long positions gained momentum toward the afternoon and the contract rose to ¥64,910 in mid-morning trading. Short positions again became dominant during the day, leaving the contract range-bound in the ¥64,000 range.
Immediately after the close of the cash market, the contract broke below the range and was sold down to ¥63,860, but downside pressure did not intensify and short covering progressed. It was bought up to ¥64,960 later in the session, while rebalancing trades by index-linked funds increased.
The NT ratio for the most actively traded futures contract fell to 16.04 from 16.15 the previous day. Although semiconductor and AI-related stocks led the Nikkei average, more than 60% of stocks on the TSE Prime Market continued to decline. In the afternoon, futures positions were also unwound in connection with rebalancing. Major securities firms handled substantial trading volumes.
Among stocks reacting to earnings, Advantest remained firm throughout the day on favorable results. Kioxia Holdings was expected to attract substantial buying demand following an anticipated increase in its free-float ratio. In the United States, PCE and GDP data are due on the 29th, with attention focused on their impact on interest rates.