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