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Japanese shares end higher as cyclicals rally; heavyweights' decline caps gains

03/11/2021 | 01:24am EDT

TOKYO, March 11 (Reuters) - Japanese shares closed higher on Thursday as investors picked up beaten-down cyclical stocks, although gains were capped by investors cutting their positions in some index heavyweights.

The Nikkei index ended up 0.6% at 29,211.64, while the broader Topix edged up 0.27% to 1,924.92

"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.

Shipping firms jumped, making them the largest gainers on the Nikkei, with Kawasaki Kisen surging 12.71%, Mitsui OSK Lines gaining 7.45% and Nippon Yusen rising 7.3%.

Shinsei Bank jumped 5.46% after a report that the bank acquired a 10% stake in Australia's credit cards and consumer finance company Latitude Financial Group.

Chip-related shares fell, with Tokyo Electron declining 0.59% and Murata Manufacturing losing 3.09%.

Medical equipment maker Terumo, down 2.2%, weighed on the Nikkei index the most, followed by Tokyo Electron.

Drug makers also fell, with Astellas Pharma losing 1.43% and Daiichi Sankyo falling 1.22%.

The stocks that gained the most among the top 30 core Topix names were Recruit Holdings, up 2.74 %, followed by Nidec which rose 1.72%.

The underperformers among the Topix 30 were Murata Manufacturing, followed by Keyence Corp losing 2.73%.

There were 127 advancers on the Nikkei index against 93 decliners. (Reporting by Junko Fujita in Tokyo; editing by Uttaresh.V)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPS ALPINE CO., LTD. 0.78% 1157 End-of-day quote.-14.80%
ASTELLAS PHARMA INC. -0.49% 1912 End-of-day quote.19.95%
BRIDGESTONE CORPORATION 0.92% 4816 End-of-day quote.42.32%
DAIICHI SANKYO COMPANY, LIMITED -0.24% 2251 End-of-day quote.-36.32%
ISUZU MOTORS LIMITED 0.71% 1411 End-of-day quote.43.98%
KAWASAKI KISEN KAISHA, LTD. -1.40% 3530 End-of-day quote.67.14%
KEYENCE CORPORATION 0.85% 58020 End-of-day quote.0.03%
MITSUI O.S.K. LINES, LTD. -0.60% 4970 End-of-day quote.57.78%
MURATA MANUFACTURING CO., LTD. -0.06% 9017 End-of-day quote.-3.25%
NIDEC CORPORATION 0.95% 12700 End-of-day quote.-2.16%
NIKKEI 225 0.49% 27970.22 Real-time Quote.1.42%
NIPPON YUSEN KABUSHIKI KAISHA -0.54% 5490 End-of-day quote.128.56%
RECRUIT HOLDINGS CO., LTD. 1.97% 5809 End-of-day quote.34.44%
SHINSEI BANK, LIMITED 1.80% 1473 End-of-day quote.15.89%
TERUMO CORPORATION 0.09% 4250 End-of-day quote.-1.44%
TOKYO ELECTRON LIMITED 0.33% 45520 End-of-day quote.18.54%
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