Japanese shares rise on economic recovery hopes, Nomura falls

  • Reuters
  • Stock Market News
Japanese shares rise on economic recovery hopes, Nomura falls
Credit: © Reuters.

TOKYO, March 29 (Reuters) - Japanese shares rose on Monday, lifted by optimism around corporate earnings and U.S. economic recovery, while Nomura Holdings fell the most in a decade after it flagged a potential $2 billion loss.

The Nikkei share average .N225 advanced 0.81% to 29,412.24 by 0144 GMT, while the broader Topix .TOPX rose 0.49% to 1,993.93.

"Investors are buying companies, particularly manufacturers that would benefit from the recovery of the global economy, and whose earnings are set to rise in the coming years," said Shigetoshi Kamada, general manager for the research department of Tachibana Securities.

Aiding sentiment, the S&P 500 and Dow closed at record highs on Friday on hopes for a recovery in the U.S. economy as vaccine rollouts continue. .N

Back home, chip-related shares led gains on the Nikkei, with Tokyo Electron 8035.T jumping 4% and Advantest 6857.T gaining 3.79%.

Nikkei heavyweight Fast Retailing 9983.T , an operator of the Uniqlo brand clothing shops, rose 2.18%.

Nomura Holdings 8604.T slumped almost 15%, the biggest percentage fall since November 2011, after Japan's largest brokerage flagged a potential $2 billion loss at a U.S. subsidiary. Corp 4452.T , up 2.22 %, gained the most among top 30 core Topix names, followed by Shin-Etsu Chemical.

The underperformers among the Topix 30 were SoftBank Group Corp 9984.T , which fell 1.95%, followed by Hoya 7741.T losing 1.58%.

There were 133 advancers on the Nikkei index against 89 decliners.

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