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