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Japan shares advance as investors look for bargains after retreat

Published 19/01/2021, 03:48
© Reuters.

TOKYO, Jan 19 (Reuters) - Japanese shares rose on Tuesday
after two consecutive sessions of falls as investors scooped up
beaten down stocks, with automakers and semiconductor-related
plays leading the rebound.
The Nikkei 225 Index .N225 climbed 1.23% to 28,590.98 by
0150 GMT, while the broader Topix .TOPX edged up 0.48% to
1,854.36.
"Investors are buying back shares which were sold out of
concerns for overheat yesterday," said Hideyuki Suzuki, general
manager at investment research for SBI Securities Suzuki.
"Today's rise represents the fundamental strength of the
Japanese market. It is moving on its own without being
influenced by the U.S. market, which was closed yesterday."
Sentiment was also buoyed as China data released on Monday
led investors wager that strength in the world's second-largest
economy would help underpin growth in the region. China's economic recovery beat analyst expectations in the
fourth quarter, expanding 6.5% from a year earlier, data from
the National Bureau of Statistics showed. Chip-related shares gained, with Rohm Co 6963.T jumping
4.16% after Nomura Securities raised its target price.
TDK 6762.T rose 1.88%, Tokyo Electron 8035.T gained
1.87% and Nidec 6594.T edged up 0.28%.
Automakers also advanced, with Nissan Motor 7201.T rising
4.07% and Mazda Motor 7261.T climbing 5.09%. Toyota edged up
0.89% and Honda Motor 7267.T added 1.47%.
Fast Retailing 9983.T rose 3.15% after a report that the
operator of Uniqlo clothing chain would add a payment function
to its smartphone app.
The underperformers among the Topix 30 were Hoya Corp
7741.T , which fell 1.97%, and Seven & i Holdings Co Ltd
3382.T , losing 0.61%.

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