Japanese shares end higher as cyclicals jump, tech weakness caps gains

TOKYO: Japanese shares closed higher on Thursday as traders scooped up beaten-down cyclical shares, though gains have been capped by know-how shares that tracked Nasdaq decrease.

The Nikkei 225 Index ended 1.14 per cent higher at 28,729.88, ending a four-day shedding streak, whereas the broader Topix jumped 1.4 per cent to shut at 1,955.55 after falling in three straight periods.

“There were a lot of pessimistic news that prompted investors to sell cyclical shares (yesterday). They are buying back those today,” Shoichi Arisawa, common supervisor of the funding analysis division at IwaiCosmo Securities.

Nikkei heavyweight Fast Retailing, the operator of Uniqlo model clothes retailer, led the gains on Nikkei with its 1.39 per cent acquire.

Banking shares jumped, with Mitsubishi UFJ Financial Group rising 2.48 per cent and Sumitomo Mitsui Financial Group climbing 2.6 per cent. Mizuho Financial Group gained 2.01 per cent.

Toyota Motor edged up 0.43 per cent after the automaker revived a partnership with Isuzu Motor to spice up their aggressive edge in related, industrial autos, with Toyota’s truck unit Hino Motors Ltd becoming a member of within the pact.

Isuzu fell 1.94 per cent, whereas Hino slumped 5.19 per cent following a surge on the information on Wednesday, making it the most important loser on the Nikkei index.

Chip-related shares fell, with Advantest shedding 1.89 per cent and Tokyo Electron sliding 1.49 per cent. They tracked a weak present by the Nasdaq in a single day.

Tech investor SoftBank Group, down 2.84 per cent, was the second greatest loser on the Nikkei.

All the 33 sector sub-indexes on the Tokyo alternate traded higher, led by the ocean transport business.

The shares that gained essentially the most among the many prime 30 core Topix names have been Fanuc, up 4.01 per cent, adopted by Recruit Holdings, rising 3.68 per cent.

The underperformers among the many Topix 30 have been SoftBank Group, adopted by Nintendo shedding 1.31 per cent.

There have been 207 advancers on the Nikkei index towards 17 decliners.