Japanese stocks end 3-day losing run; trade woes cap gains

  • Reuters
  • Stock Market News
Japanese stocks end 3-day losing run; trade woes cap gains
Credit: © Reuters.

* Nikkei rises 0.82 pct, Topix adds 0.61

* Market relieved after Wall St recovers bulk of losses

* Oil-related shares hit by crude price slide

By Shinichi Saoshiro

TOKYO, Dec 7 (Reuters) - Japan's Nikkei share average .N225 snapped a three-day losing streak to close higher on Friday, after Wall Street shares clawed back some of their sharp losses.

Wider gains were capped, however, by resurgent concerns about the U.S.-China trade conflict and caution ahead of the U.S. non-farm jobs report due later on Friday.

The Nikkei .N225 ended the session up 0.8 percent at 21,678.68. The index has dropped 3 percent so far this week, weighed by worries about slowing momentum in the U.S. economy and as trade fears whacked global equity markets.

"The bounce in U.S. shares has helped, but the overall situation has not changed much. There are still trade issues the market has to worry about," said Yoshinori Ogawa, senior strategist at Okasan Securities.

"The market has been moving up and down, tracking the ebb and flow in U.S.-China trade tensions, and is likely to remain unstable next week."

Reflecting the cautious mood, defensive shares such as consumer staples, healthcare and utilities made gains.

Convenience store operator Familymart UNY Holdings 8028.T was up 3.3 percent, healthcare product maker Kao Corp 4452.T rose 2.4 percent and Tokyo Electric Power Co Holdings 9501.T added 2.6 percent.

Fujitsu Ltd 6702.T advanced 3.1 percent and NEC 6701.T climbed 1.7 percent on expectations telecommunications equipment demand would increase after the Japan said it plans to ban government equipment purchases from China's Huawei Technologies Co Ltd HWT.UL and ZTE Corp 0763.HK 000063.SZ . Holdings 9064.T rose 3.4 percent after the transport service company said its delivery of small parcels increased 3.6 percent in November from previous year.

Textile company Kurabo Industries Ltd 3106.T jumped 6.6 percent after Nikkei business daily reported that internet clothing retailer ZOZO Inc 3092.T will use threads made by Kurabo for their clothing brand.

Petroleum product majors Inpex Corp 1605.T and Japan Petroleum Exploration Co 1662.T fell 1.1 percent and 2.1 percent, respectively, as crude oil prices slumped on OPEC's decision to delay a final decision on output cuts. O/R

Oil refiners Idemitsu Kosan 5019.T and Showa Shell (LON: RDSa ) Sekiyu KK 5002.T ended down 4.5 percent and 3.8 percent, respectively.

The Tokyo Stock Exchange's (TSE) oil and coal subindex fell 2.9 percent, leading the decliners. Of TSE's 33 subindexes, 21 ended the day on gains.

The broader Topix .TOPX ended 0.61 percent firmer at 1,620.45. (Editing by Sherry Jacob-Phillips)

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles