Japanese shares end higher as cyclicals rally; heavyweights' decline caps gains

  • Reuters
  • Stock Market News
Japanese shares end higher as cyclicals rally; heavyweights' decline caps gains
Credit: © Reuters.

TOKYO, March 11 (Reuters) - Japanese shares closed higher on Thursday as investors picked up beaten-down cyclical stocks, although gains were capped by investors cutting their positions in some index heavyweights.

The Nikkei index .N225 ended up 0.6% at 29,211.64, while the broader Topix .TOPX edged up 0.27% to 1,924.92

"Growth-related shares have helped the market, but a sell-off in index heavyweights has also weighed," said Koichi Kurose, chief strategist, Resona Asset Management.

The Nikkei had rallied to a 30-year high last month on expectations of an economic rebound and better-than expected corporate earnings.

Shipping firms jumped, making them the largest gainers on the Nikkei, with Kawasaki Kisen 9107.T surging 12.71%, Mitsui OSK Lines 9104.T gaining 7.45% and Nippon Yusen 9101.T rising 7.3%.

Shinsei Bank 8303.T jumped 5.46% after a report that the bank acquired a 10% stake in Australia's credit cards and consumer finance company Latitude Financial Group.

Chip-related shares fell, with Tokyo Electron 8035.T declining 0.59% and Murata Manufacturing 6981.T losing 3.09%.

Medical equipment maker Terumo 4543.T , down 2.2%, weighed on the Nikkei index the most, followed by Tokyo Electron.

Drug makers also fell, with Astellas Pharma 4503.T losing 1.43% and Daiichi Sankyo 4568.T falling 1.22%.

The stocks that gained the most among the top 30 core Topix names were Recruit Holdings 6098.T , up 2.74 %, followed by Nidec 6594.T which rose 1.72%.

The underperformers among the Topix 30 were Murata Manufacturing, followed by Keyence Corp 6861.T losing 2.73%.

There were 127 advancers on the Nikkei index against 93 decliners.

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