Nikkei rises to close at 25-year high, construction companies fall

  • Reuters
  • Stock Market News
Nikkei rises to close at 25-year high, construction companies fall
Credit: © Reuters.

TOKYO, Dec 11 (Reuters) - Japanese stocks hit a fresh 25-year high on Monday in choppy trade as gains in financial shares and large cap stocks offset falls in real estate and construction companies, with Obayashi Corp 1802.T diving more than 7 percent.

Obayashi tumbled after reports it had been raided by prosecutors investigating what media reports said were allegations that the construction firm had rigged bids for Japan's magnetic levitation train line. Nikkei share average .N225 ended 0.6 percent higher at 22,938.73, the highest closing level since early 1992, after trading mostly flat in the morning.

Financials gained ground, with Mitsubishi UFJ Financial Group 8306.T rising 1.5 percent, Sumitomo Mitsui Financial Group 8316.T up 2.3 percent and insurer T&D Holdings 8795.T adding 1.3 percent.

Large-cap stocks as SoftBank Grouo Corp 9984.T and KDDI Corp 9433.T gained 0.8 percent and 1.9 percent, respectively.

The construction sector .ICNST.T fell 1.2 percent and was the worst performer.

Real estate firms languished, with Mitsui Fudosan 8801.T dropping 0.8 percent and Mitsubishi Estate 8802.T falling 0.7 percent.

Chip equipment makers also lost ground. Tokyo Electron Ltd 8035.T dropped 1.8 percent and Advantest Corp 6857.T shed 0.2 percent

The broader Topix .TOPX gained 0.5 percent to 1,813.34.

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