Nikkei ends 6-day losing streak; SoftBank, Shiseido gain

  • Reuters
  • Stock Market News
Nikkei ends 6-day losing streak; SoftBank, Shiseido gain
Credit: © Reuters.

TOKYO, Nov 16 (Reuters) - Japan's Nikkei share average rose on Thursday, as buyers stepped back in for bargains following six straight days of losses, with SoftBank gaining after a report that it plans to invest as much as $25 billion in Saudi Arabia.

The Nikkei .N225 ended the day 1.47 percent higher at 22,351.12. Taking its cue from weakness on Wall Street overnight, the index slipped to a 16-day low of 21,972.34 after the opening bell before bouncing back.

Of Tokyo's 33 subindexes, 30 gained. Those containing companies that recently reported robust earnings attracted bargain hunting, with precision machinery .IPRCS.T , chemicals .ICHEM.T and electrical machinery .IELEC.T gaining.

The mining subindex .IMING.T declined 1.6 percent amid the recent drop in prices of commodities.

SoftBank Group Corp 9984.T rose 2.2 percent after Bloomberg reported that the tech and telecoms firm plans to plough around $15 billion in a new business and industrial city called NEOM and its Vision Fund would invest around $10 billion in state-controlled Saudi Electricity Co 5110.SE . maker Shiseido Co 4911.T rose as much as 3.5 percent to a record high 5,238 yen after Goldman Sachs (NYSE: GS ) raised its rating on the company to "buy" from "neutral."

Komatsu Ltd 6301.T shed 1.3 percent after fellow earth moving equipment maker Caterpillar Inc (NYSE: CAT ) CAT.N fell 2.5 percent overnight.

The broader Topix .TOPX gained 1 percent to 1,761.71.

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