Japan's Nikkei reverses course, ends higher as autos rise
25/12/2024 07:43
(Updates with closing prices, main movers)
TOKYO, Dec 25 (Reuters) - Japan's Nikkei share average
reversed early losses to end higher on Wednesday, driven by
gains in the auto sector although trade was dominated by retail
investors, who bought back cheap stocks in muted trade with many
global markets closed for the holidays.
The Nikkei .N225 rose 0.24% to close at 39,130.43
after falling as much as 0.28% earlier in the session.
The auto sector .ITEQP.T rose 2.9% and was the best
performer among the Tokyo Stock Exchange's 33 industry
sub-indexes. Nissan Motor 7201.T , the Nikkei's top percentage
gainer, surged 8.66%.
The broader Topix .TOPX also erased losses to end
0.24% higher, at 2,733.86. Toyota Motor 7203.T , which closed
up 4.57%, was the biggest contributor to the Topix rise.
"There was seasonal selling of shares by retail
investors, such as stocks in investment trusts. But once the
equities fell to a certain level, they bought them back, betting
the market will rise in the next session," said Naoki Fujiwara,
senior general manager at Shinkin Asset Management.
Technology investor SoftBank Group 9984.T rose 1.27%
and was the biggest source of support for the Nikkei. Uniqlo
brand owner Fast Retailing 9983.T rose 0.26%.
The market struggled to find direction with foreign
investors away for the holiday season, said Fumio Matsumoto,
chief strategist at Okasan Securities.
"This time of the year, local individuals were the only
ones active in trading but they do not want to place active bets
when foreign investors are away and large stocks do not move
actively."
Bank shares fell, with Mitsubishi UFJ Financial Group
falling 0.44% and Sumitomo Mitsui Financial Group down 0.56%.
Of more than 1,600 stocks trading on the Tokyo Stock
Exchange's prime market, 52% rose, 44% fell and 3% traded flat.
(Reporting by Junko Fujita; Editing by William Mallard and
Edmund Klamann)
((junko.fujita@thomsonreuters.com;))