Nikkei rebounds on bargain-hunting, but mining sector weak

  • Reuters
  • Stock Market News
Nikkei rebounds on bargain-hunting, but mining sector weak
Credit: © Reuters.

TOKYO, Dec 7 (Reuters) - Japan's Nikkei share average rose on Thursday, taking back some ground lost in the previous session as investors sought bargains after the benchmark index skidded its most in 8-1/2 months

The Nikkei .N225 ended morning trade up 1.27 percent, or 280.70 points, at 22,457.74, following its biggest fall since March the previous day, after it broke key technical support at its 25-day moving average.

Index heavyweight Fast Retailing 9983.T was up 2.1 percent.

Pharmaceutical shares .IPHAM.T added 1 percent, while securities shares .ISECU.T were up 0.8 percent.

Oil shares .IPETE.T edged up 0.3 percent after crude oil futures steadied following an overnight sell-off. O/R

But mining shares .IMING.T slumped 1.9 percent, continuing their weakness as the price of copper CMCU3 wallowed at low levels after dropping more than 4 percent on Tuesday, its biggest daily fall in almost 2-1/2 years.

Shares of Advantest Corp 6857.T rose 1.1 percent, after Nikkei reported that the chip company's fiscal year operating profit is seen reaching 20 billion yen ($177.87 million). broader Topix .TOPX rose 1.1 percent, or 19.84 points, to 1,785.26, while the JPX-Nikkei Index 400 .JPXNK400 rose 1.1 percent, or 173.93 points, to 15,816.14.

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