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Japanese shares rebound but spike in COVID-19 cases caps gains

Published 09/07/2020, 08:35
Updated 09/07/2020, 08:36

TOKYO, July 9 (Reuters) - Japanese shares bounced back on
Thursday buoyed by technology-related stocks following a rise in
U.S. peers overnight, but gains were limited by a surge in
domestic coronavirus cases.
The benchmark Nikkei share average .N225 rose 0.4% to
22,529.29, clawing back from a 0.78% drop in the previous
session. On the Nikkei index, there were 63 advancers against
158 decliners.
The market extended gains after the midday break supported
by the Shanghai Compsite .SSEC stocks rallying into eighth
day. However, investor sentiment was soon dampened by 224 fresh
coronavirus cases in Tokyo on Thursday, which hit a record daily
high. The market showed little reaction to data that Japan's
machinery orders unexpectedly rose 1.7% in May after a 12.0%
slump in April due to the pandemic. Domestic technology-related stocks advanced after the Nasdaq
marked its fourth record closing high in five days on Wednesday.
Tech conglomerate and Nikkei heavyweight SoftBank Group Corp
9984.T jumped 4.52%, lifting information and communication
.ICOMS.T to the top performing sector on the main bourse at
1.6%.
Sony Corp 6758.T added 3.27%, while Yaskawa Electric Corp
6506.T rose 1.98%.
Eisai Co Ltd 4523.T climbed 4.84% after the pharmaceutical
company and its partner Biogen BIIB.O submitted a marketing
application to U.S. regulators for their Alzheimer's drug.
Trading house Itochu Corp 8001.T added 0.22% after it
announced a tender offer for the rest of FamilyMart Co Ltd
8028.T . The convenience store, expected to be delisted if the
bid is successful, jumped 22.81%.
The broader Topix .TOPX ended flat at 1,557.24, with all
but nine of the 33 sector sub-indexes on the Tokyo exchange
trading in negative territory.

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