TOKYO, Jan 24 — Tokyo shares ended higher on Monday with investors seeking bargains as they waited for the Japanese corporate earnings season to kick into full gear.
The benchmark Nikkei 225 index reversed earlier losses and advanced 0.24 per cent, or 66.11 points, to 27,588.37, while the broader Topix index gained 0.14 per cent, or 2.69 points, to 1,929.87.
The dollar stood at ¥113.84 (RM4.20), against ¥113.70 in New York late Friday.
The Nikkei began the day under pressure after New York shares saw sharp selloffs on Friday.
“But once the initial round of selling subsided, bargain hunting kicked in and gradually slowed the speed of the market’s fall,” Okasan Online Securities said in a note.
“Toward the end of the session, the market lifted itself up into positive territory” with nearly 70 per cent of listed shares chalking up gains, led by the mining and maritime transportation sectors.
Still, global investors remain wary of negative news such as signs of slowdown and inflation hitting the US economy, Rakuten Securities said in a note.
While Tokyo shares in general remain attractive, short-term risks such as expected rate hikes in the United States could weigh on the market, the brokerage added.
A major shipping firm, Kawasaki Kisen Kaisha, gave up early losses and jumped 6.24 per cent to ¥6,980. Industry leader Nippon Yusen Kabushiki Kaisha also surged 3.46 per cent to ¥8,660.
Energy firm INPEX advanced 4.57 per cent to ¥1,099. Japan Petroleum Exploration added 2.39 per cent to ¥2,698.
Electronic parts maker Kyocera added 0.86 per cent to ¥6,838.
Tokyo Electron, which produces tools to build semiconductors, advanced 1.62 per cent to ¥58,440.
Uniqlo-operator Fast Retailing firmed 1.17 per cent to ¥68,180.
Construction equipment maker Komatsu firmed 0.42 per cent to ¥2,901.
Some blue chip issues remained underwater.
Toyota lost 0.26 per cent to ¥2,278.5. Sony Group slipped 0.93 per cent to ¥12,835. Nintendo dropped 1.48 per cent to ¥53,900.
Japan Airlines fell 0.50 per cent to ¥2,202. ANA Holdings fell 0.61 per cent to ¥2,433.
Nippon Steel slipped 0.42 per cent to ¥1,896.5. — AFP
