Japanese shares gain on cyclicals boost, selling in some heavyweights weighs

Keyence

11/03/2021 03:13

TOKYO, March 11 (Reuters) - Japanese shares inched higher on
Thursday as investors picked up beaten-down cyclical stocks
while cutting their positions in some index heavyweights.
    The Nikkei index  .N225  was up 0.49% at 29,179.43 by 0208
GMT, while the broader Topix  .TOPX  edged up 0.27% to 1,924.83.
    "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.
    On Thursday, chip-related shares fell, with Tokyo Electron
 8035.T  declining 1.72% and Advantest  6857.T  losing 0.72%.
Both the stocks weighed on the benchmark Nikkei index, along
with medical equipment maker Terumo  4543.T  and drug maker
Astellas Pharma  4503.T , losing 1.24% to 2.31%.    
    Shipping firms jumped, making them the largest gainers on
the Nikkei, with Kawasaki Kisen  9107.T  surging 9.11%, Mitsui
OSK Lines  9104.T  gaining 8.35% and Nippon Yusen  9101.T 
rising 6.67%.
    The largest percentage losers on the index were Isuzu Motors
 7202.T , down 4.21%, followed by Alps Alpine  6770.T , losing
2.83% and Bridgestone  5108.T  down 2.37%.
    Among the top 30 core Topix names, Recruit Holdings
 6098.T , up 1.77%, and Mitsui & Co  8031.T , which rose 1.26%,
gained the most. The underperformers were Murata Manufacturing
Co  6981.T , down 3.56%, and Keyence  6861.T  that fell 2.89%.
    There were 154 advancers on the Nikkei index against 67
decliners. 

    

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