Japan shares end higher as bank stocks rise amid easing financial crisis fears

Resona Holdings

28/03/2023 07:40

TOKYO, March 28 (Reuters) - Japanese shares ended higher
on Tuesday as bank stocks rose after worries over the global
financial system eased, following a deal for the assets of
failed U.S. lender Silicon Valley Bank by peer First Citizens
BancShares.
    The Nikkei  .N225  edged up 0.15% to close at 27,518.25,
while the broader Topix  .TOPX  ended 0.25% higher at 1,966.67.
    "Bank stocks lifted the market today, but investors sold
shares that had outperformed in previous sessions, which limited
overall gains," said Shoichi Arisawa, general manager of the
investment research department at IwaiCosmo Securities.
    "Investors still remain concerned about a potential banking
crisis and uncertainties about the economy in the U.S. and
Europe." 
    The bank index  .IBNKS.T  rose 1.96% to become the top
performer in the Tokyo Stock Exchange's 33 industry sub-indexes.
    Resona Holdings  8308.T  jumped 4.08% to become the top
gainer on the Nikkei. 
    Mizuho Financial  8411.T  was up 2.47%, Sumitomo Financial
Group  8316.T  advanced 2.67% and Mitsubishi UFJ Financial Group
 8306.T  gained 1.7%. 
    Overnight, First Citizens BancShares  FCNCA.O  said it would
take on the deposits and loans of Silicon Valley Bank  SIVB.O. ,
offering a respite to markets after weeks of turmoil.
    Oil explorers  .IMING.T  rose 1.75%.
    Heavyweight chip-related shares weighed on the Nikkei, with
Tokyo Electron  8035.T  losing 0.33%, Advantest  6857.T 
slipping 0.75% and Shin-Etsu Chemical  4063.T  falling 1.19%.
    The railway sector lost 0.43% after gaining 1.8% in the
previous session, with the Central Japan Railway  9022.T , which
runs the bullet train between Tokyo and Osaka, losing 1.38%.
    

 (Reporting by Junko Fujita; Editing by Sonia Cheema)
 ((junko.fujita@thomsonreuters.com;))