Japanese shares end higher as cyclicals rally; heavyweights' decline caps gains

Keyence

11/03/2021 06:24

TOKYO, March 11 (Reuters) - Japanese shares closed higher on
Thursday as investors picked up beaten-down cyclical stocks,
although gains were capped by investors cutting their positions
in some index heavyweights.
    The Nikkei index  .N225  ended up 0.6% at 29,211.64, while
the broader Topix  .TOPX  edged up 0.27% to 1,924.92
    "Growth-related shares have helped the market, but a
sell-off in index heavyweights has also weighed," said Koichi
Kurose, chief strategist, Resona Asset Management.
    The Nikkei had rallied to a 30-year high last month on
expectations of an economic rebound and better-than expected
corporate earnings.
    Shipping firms jumped, making them the largest gainers on
the Nikkei, with Kawasaki Kisen  9107.T  surging 12.71%, Mitsui
OSK Lines  9104.T  gaining 7.45% and Nippon Yusen  9101.T 
rising 7.3%.
    Shinsei Bank  8303.T  jumped 5.46% after a report that the
bank acquired a 10% stake in Australia's credit cards and
consumer finance company Latitude Financial Group. 
    Chip-related shares fell, with Tokyo Electron  8035.T 
declining 0.59% and Murata Manufacturing  6981.T  losing 3.09%. 
    Medical equipment maker Terumo  4543.T , down 2.2%, weighed
on the Nikkei index the most, followed by Tokyo Electron. 
    Drug makers also fell, with Astellas Pharma  4503.T  losing
1.43% and Daiichi Sankyo  4568.T  falling 1.22%.    
    The stocks that gained the most among the top 30 core Topix
names were Recruit Holdings  6098.T , up 2.74 %, followed by
Nidec  6594.T  which rose 1.72%. 
    The underperformers among the Topix 30 were Murata
Manufacturing, followed by Keyence Corp  6861.T  losing 2.73%.
    There were 127 advancers on the Nikkei index against 93
decliners. 
 

 (Reporting by Junko Fujita in Tokyo; editing by Uttaresh.V)
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