Tokyo's Nikkei closes up on bargain-hunting

The benchmark Nikkei 225 index was up 24.95 points at 23,626.73 at the close, while the broader Topix index was down 0.32 per cent or 5.20 points at 1,643.90. — Reuters pic
The benchmark Nikkei 225 index was up 24.95 points at 23,626.73 at the close, while the broader Topix index was down 0.32 per cent or 5.20 points at 1,643.90. — Reuters pic

TOKYO, Oct 14 ― Tokyo's key Nikkei index recovered earlier losses to end up 0.11 per cent, as bargain-hunting purchases supported the market despite a dearth of fresh clues for trade.

The benchmark Nikkei 225 index was up 24.95 points at 23,626.73 at the close, while the broader Topix index was down 0.32 per cent or 5.20 points at 1,643.90.

The Japanese market started with losses as investors were disheartened by falls on Wall Street, but some started to buy cheap shares in later trade, with “gains in US futures working as a catalyst”, Okasan Online Securities chief strategist Yoshihiro Ito said in a commentary.

However, “there are no fresh clues to buy actively,” said Daiwa Securities chief strategist Shuji Hosoi, noting sectors sensitive to business cycles were particularly lower.

The dollar fetched ¥105.47 (RM4.15) in Asian trade, against ¥105.45 in New York late yesterday.

Among major shares in Tokyo, Uniqlo casual wear operator Fast Retailing ended up 1.26 per cent at ¥69,650 and investment giant SoftBank Group was up 1.52 per cent at ¥7,165.

Nippon Steel dipped 3.82 per cent to ¥1,045.5 after a report said it would sell two plants to US firm Cleveland Cliffs.

Its smaller rival Kobe Steel was down 3.70 per cent at ¥417.

Airlines were among losers, with ANA Holdings diving 4.59 per cent to ¥2,388 and Japan Airlines ending down 4.43 per cent to ¥1,997, on the backdrop of spiking Covid-19 infections and the reimposition of some lockdowns around the world. ― AFP

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