Japan shares rise as investors snap up battered stocks
12/11/2021 02:51
By Junko Fujita
TOKYO, Nov 12 (Reuters) - Japanese shares rose on Friday,
with tech stocks leading gains, as investors bought into a
domestic market that has lagged behind a global rally on
concerns about the impact of rising costs on corporate earnings.
The Nikkei share average .N225 rose 1.1% to 29,608.29 by
0159 GMT, extending gains for a second session, while the
broader Topix .TOPX advanced 1.27% to 2,039.88. Both indexes
are on course to remain flat for the week.
"Japanese shares are pretty much behind the global markets
and their PER (price-earnings ratio) is low compared with other
countries, which drove investors to buy Japanese stocks," said
Shigetoshi Kamada, general manager at the research department at
Tachibana Securities.
"But it is still hard for the market to regain the 30,000
level."
Technology shares led gains on the Nikkei, tracking Wall
Street cues as the Philadelphia SE Semiconductor index .SOX
bounced back from its worst session in more than six weeks. .N
Start-up investor SoftBank Group 9984.T rose 3.3% and was
headed for a 10% weekly gain, while chip-making equipment maker
Tokyo Electron 8035.T advanced 1.2% and medical platform M3
2413.T jumped 2%.
Property developers .IRLTY.T also advanced, with
Mitsubishi Estate 8802.T jumping 3.96% and Mitsui Fudosan
8801.T gaining 4.39%.
Watchmaker Citizen Watch 7762.T surged over 10% after its
annual net profit beat forecasts. urn:newsml:reuters.com:*:nXB1JYCNDV
Marui Group 8252.T rose 5.82% as the retailer posted a
half-year profit jump and announced a share buyback.
urn:newsml:reuters.com:*:nXB08SC2WM
On the downside, Suzuki Motor 7269.T lost 2.04% after the
automaker's six-month net profit missed a market consensus.
urn:newsml:reuters.com:*:nXB04ROVTW
Oki Electric Industry 6703.T was down 5.02%, falling the
most on the Nikkei, while Sumitomo Mitsui Trust Holdings
8309.T shed 4% and Keisei Electric Railway 9009.T declined
2.2%.
There were 189 advancers on the Nikkei index against 34
decliners.
(Editing by Ramakrishnan M.)
((813-4563-2711, junko.fujita@thomsonreuters.com, Reuters
Messaging:junko.fujita.reuters.com@reuters.net;))