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Japanese shares gain after 3 days of falls, Omicron worries weigh

11/30/2021 | 09:55pm EST

TOKYO, Dec 1 (Reuters) - Japanese shares rose on Wednesday after three straight sessions of sharp losses, with paper and pulp, shipping and auto stocks leading the rebound, although uncertainties over the impact of the Omicron coronavirus variant weighed on market sentiment.

The Nikkei share average rose 0.8% to 28,040.35 by 0153 GMT after declining 0.8% earlier in the session. The broader Topix also reversed early losses to gain 0.62% to 1,940.43. The Nikkei lost 5.7% in the last three sessions, while the Topix declined 4.8%.

The market is volatile as investors are reacting cautiously to the uncertainties of the Omicron variant, said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

"But once we find out what the new Omicron variant is, investors would calm down even if it proves to be a strong enemy," he said.

The economy-sensitive paper and pulp and shipping sectors rose the most among the bourse's 33 industry sub-indexes.

Robot maker Fanuc and air-conditioning maker Daikin Industries contributed the most to the Nikkei's gain, rising 4.7% and 3.8%, respectively.

Automakers rose after data showed Japan's industrial output rose in October for the first time in four months as re-opening of Asian factories eased supply constraints.

Toyota Motor gained 3.5%, while Honda Motor advanced 2.58%. Autoparts maker Denso advanced 2.63%.

Technology heavyweights fell, with start-up investor SoftBank Group sliding 1.96% and medical services platform M3 losing 1.37%.

Seiko Epson gained the most on the Nikkei with a 4.81% rise, followed by Oji Holdings , which added 4.57%, and TOTO, up 4.57%.

CyberAgent Inc, down 3.25%, was the biggest loser on the index, followed by Z Holdings, which slipped 3.16%, and Ajinomoto, falling 2.32%. (Editing by Subhranshu Sahu)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AJINOMOTO CO., INC. -0.03% 3179 Delayed Quote.-9.06%
CYBERAGENT, INC. 0.18% 1686 Delayed Quote.-12.07%
DAIKIN INDUSTRIES, LTD. -0.80% 24100 Delayed Quote.-6.88%
DENSO CORPORATION -2.08% 8507 Delayed Quote.-8.83%
FANUC CORPORATION -3.29% 22165 Delayed Quote.-5.99%
HONDA MOTOR CO., LTD. -1.74% 3340 Delayed Quote.5.23%
M3, INC. 2.05% 4487 Delayed Quote.-24.10%
OJI HOLDINGS CORPORATION -2.33% 588 Delayed Quote.8.08%
SEIKO EPSON CORPORATION -3.52% 1917 Delayed Quote.-4.06%
SOFTBANK GROUP CORP. 1.72% 5156 Delayed Quote.-6.72%
TOPIX INDEX -0.25% 1891.85 Real-time Quote.-4.80%
TOTO LTD 0.31% 4915 Delayed Quote.-7.37%
TOYOTA MOTOR CORPORATION -0.67% 2221.5 Delayed Quote.6.22%
Z HOLDINGS CORPORATION -0.04% 561 Delayed Quote.-15.91%
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