Japan's Nikkei rebounds from 5-day losing streak, US economy worries weigh
10/09/2024 04:16
TOKYO, Sept 10 (Reuters) - Japan's Nikkei share average
rebounded from a five-day losing streak on Tuesday as investors
scooped up stocks that had fallen too much, although
uncertainties about the U.S. economic outlook capped gains.
The Nikkei .N225 was up 0.08% at 36,244.22 points by the
midday break, after erasing most of its 0.9% gain earlier in the
session.
The broader Topix .TOPX rose 0.34% to 2,588.52.
"Investors scooped up stocks after sell-offs in the past
several days but the market could not be completely bullish as
there are many uncertainties, such as the outlook of the U.S.
economy," said Fumio Matsumoto, chief strategist at Okasan
Securities.
"The market view on the U.S. economy, as well as the foreign
currency markets, are divided," Matsumoto said.
Technology stocks led the Nikkei's gains, with chip-making
equipment maker Tokyo Electron 8035.T rising 2.88% to become
the biggest boost for the index.
Technology investor SoftBank Group 9984.T rose 0.95% and
chip-testing equipment maker Advantest 6857.T climbed 0.39%.
"We cannot say the market has regained momentum until the
Nikkei rises to around the 39,000 level," said Shigetoshi
Kamada, general manager of the research department at Tachibana
Securities.
Drug maker Daiichi Sankyo 4568.T tanked 8.56% after trials
showed an experimental drug, which the drug maker has jointly
developed with UK-based AstraZeneca AZN.L , did not
significantly improve overall survival in lung cancer patients
in a late-stage trial.
Joban Kosan 9675.T surged 8% to 1,663 yen after the
operator of the Hawaiian-themed resort complex in Fukushima said
an investment fund Fortress Investment Group would buy the firm
for about 14 billion yen ($98 million) in a public tender offer
at 1,650 yen.
($1 = 143.2800 yen)
(Reporting by Junko Fujita; Editing by Mrigank Dhaniwala)
((junko.fujita@thomsonreuters.com;))