Japan's Nikkei snaps 4-day losing session as Uniqlo, tech gain

TDK

06/09/2022 07:51

TOKYO, Sept 6 (Reuters) - Japan's Nikkei share average
snapped a four-session losing streak on Tuesday, as investors
bought back stocks, underpinned by gains in Uniqlo clothing shop
owner Fast Retailing and technology stocks.
    The Nikkei  .N225  index edged up 0.02% to 27,626.51 after
slipping into the negative territory momentarily. The broader
Topix  .TOPX  inched down 0.11% to 1,926.58.
    The Nikkei was firm despite losses on the European stocks
overnight, after the euro dropped below 99 cents for the first
time in 20 years and European gas prices surged after Russia
said its main gas supply pipeline to Europe would stay shut.
 MKTS/GLOB  
    "Japan's economy is supported by various government measures
and stable compared with other countries, which gives a comfort
to investors," said Shoichi Arisawa, general manager of the
investment research department at IwaiCosmo Securities.
    Fast Retailing  9983.T  gained 0.46% and provided the
biggest support to the Nikkei.  
    Censor maker TDK  6762.T  advanced 2.06%. Chip giants Tokyo
Electron  8035.T  and Advantest  6857.T  edged up 0.31% and
1.31%, respectively. 
    Overall, Japanese equities are underpinned by expectations
of domestic growth driven by various economic measures,
including further easing of border controls after tourism demand
was hurt by the COVID-19 outbreak, Nomura Securities strategist
Maki Sawada said.
    "But caution about slowdown of the U.S. economy capped
further gains."  
    Unitika  3103.T  surged 7,47% to become the best performer
on the Nikkei, even after the textile maker was announced to be
excluded from the benchmark in a regular reshuffle.  urn:newsml:reuters.com:*:nL1N30C0IM
    Maruha Nichiro  1333.T  cut early losses to end flat after
the fishing company was excluded from the Nikkei, while Hoya
 7741.T  jumped 2,7% after the eyeglass lenses maker was added
to the index.
    
    


 (Reporting by Junko Fujita; Editing by Rashmi Aich and Krishna
Chandra Eluri)
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