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    N225   JP9010C00002

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

03/10/2021 | 10:13pm EDT

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 was up 0.49% at 29,179.43 by 0208 GMT, while the broader Topix 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 declining 1.72% and Advantest losing 0.72%. Both the stocks weighed on the benchmark Nikkei index, along with medical equipment maker Terumo and drug maker Astellas Pharma, losing 1.24% to 2.31%.

Shipping firms jumped, making them the largest gainers on the Nikkei, with Kawasaki Kisen surging 9.11%, Mitsui OSK Lines gaining 8.35% and Nippon Yusen rising 6.67%.

The largest percentage losers on the index were Isuzu Motors , down 4.21%, followed by Alps Alpine, losing 2.83% and Bridgestone down 2.37%.

Among the top 30 core Topix names, Recruit Holdings , up 1.77%, and Mitsui & Co, which rose 1.26%, gained the most. The underperformers were Murata Manufacturing Co, down 3.56%, and Keyence that fell 2.89%.

There were 154 advancers on the Nikkei index against 67 decliners.

(Reporting by Junko Fujita in Tokyo; editing by Uttaresh.V)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPS ALPINE CO., LTD. 0.24% 1251 End-of-day quote.-7.88%
ASTELLAS PHARMA INC. 0.35% 1889 End-of-day quote.18.51%
BRIDGESTONE CORPORATION 0.13% 5322 End-of-day quote.57.27%
ISUZU MOTORS LIMITED 0.54% 1482 End-of-day quote.51.22%
KAWASAKI KISEN KAISHA, LTD. 4.24% 7620 End-of-day quote.260.80%
KEYENCE CORPORATION 0.71% 73600 End-of-day quote.26.90%
MITSUI & CO., LTD. -1.70% 2512 End-of-day quote.32.95%
MITSUI O.S.K. LINES, LTD. 3.15% 9500 End-of-day quote.201.59%
MURATA MANUFACTURING CO., LTD. -0.25% 10175 End-of-day quote.9.17%
NIKKEI 225 0.58% 30500.05 Real-time Quote.10.49%
NIPPON YUSEN KABUSHIKI KAISHA 2.88% 10350 End-of-day quote.330.89%
RECRUIT HOLDINGS CO., LTD. 1.40% 7050 End-of-day quote.63.16%
SYSMEX CORPORATION 2.37% 14930 End-of-day quote.20.40%
TERUMO CORPORATION 1.79% 5468 End-of-day quote.26.81%
TOKYO ELECTRON LIMITED 1.24% 55430 End-of-day quote.44.35%
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