Japan's Nikkei ends higher as investors pick beaten down shares after retreat
TOKYO, Jan 19 (Reuters) - Japanese shares closed higher on Tuesday after declining for two consecutive sessions, as investors scooped up beaten-down stocks, with automakers and semiconductor-related plays leading the rebound.
The Nikkei 225 Index .N225 ended 1.39% higher at 28,633.46, while the broader Topix .TOPX inched up 0.56% to 1,855.84.
"Investors are buying back shares which were sold out of concerns for overheat yesterday," said Hideyuki Suzuki, general manager at investment research for SBI (NS: SBI ) Securities Suzuki.
"Today's (Tuesday) rise represents the fundamental strength of the Japanese market. It is moving on its own without being influenced by the U.S. market, which was closed yesterday."
Sentiment was also buoyed after Chinese data released on Monday raised hopes that strength in the world's second-largest economy would underpin growth in the region. economic recovery beat analysts' expectations in the fourth quarter, expanding 6.5% from a year earlier, data from the National Bureau of Statistics showed. Japan, chip-related shares advanced, with Rohm Co 6963.T jumping 4.51% after Nomura Securities raised its target price.
TDK 6762.T rose 2.76%, Tokyo Electron 8035.T gained 2.11%, and Advantest 6857.T climbed 4.22%.
Automakers also advanced, with Mazda Motor 7261.T jumping 5.5%, Nissan Motor 7201.T rising 3.91% and Suzuki Motor
7269.T gaining 3.89%. Toyota edged up 0.94% and Honda Motor 7267.T added 1.69%.
Fast Retailing 9983.T rose 3.06% after a report said that the operator of Uniqlo clothing chain would add a payment function to its smartphone app.
The stocks that gained the most among the top 30 core Topix names were SoftBank Group Corp 9984.T , which rose 3%, followed by Hitachi Ltd 6501.T , rising 2.6%.
The underperformers among the Topix 30 were Hoya Corp 7741.T , which fell 1.94%, followed by Seven & i Holdings Co Ltd 3382.T losing 1.60%. (Editing by Uttaresh.V)
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb
Drop an image here or