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

  • Reuters
  • Stock Market News
Japanese shares gain on cyclicals boost, selling in some heavyweights weighs
Credit: © Reuters.

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.

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