TOKYO, March 15 (Reuters) - Japanese shares rose on Monday
as optimism around the passage of a massive U.S. stimulus
package boosted cyclical shares, although declines in tech
stocks weighed on the benchmark.
The Nikkei share average .N225 edged up 0.3% to 29,806.41
by 0219 GMT, while the broader Topix .TOPX rose 0.66% to
1,963.81
"Today's market in Japan is a reflection of the U.S. market
on Friday," said Shoichi Arisawa, general manager of the
investment research department at IwaiCosmo Securities.
The Dow Jones Industrial Average .DJI rose to its fifth
consecutive record high on Friday as the U.S. House of
Representatives gave final approval to the $1.9 trillion
COVID-19 relief bill. "Investors are buying cyclical shares that would benefit
from a recovery of the U.S. economy, which would be accelerated
by the huge economic package that was approved," Arisawa said.
Japanese transport and materials stocks advanced.
Ship builder Mitsui E&S Holdings 7003.T surged 7.22%,
while shipping firms Kawasaki Kisen 9107.T and Nippon Yusen
9101.T rose 3.96% and 4.31%, respectively.
Steel maker JFE Holdings 5411.T jumped 3.39% and
industrial conglomerate Kawasaki Heavy Industries 7012.T
gained 3.96%.
E-commerce firm Rakuten 4755.T surged 18% after announcing
a capital tie-up with postal giant Japan Post Holdings 6178.T ,
making it the biggest gainer in the Nikkei. Japan Post gained
1.71%. Nikkei heavyweight SoftBank Group 9984.T , down 1.36%, and
other tech shares fell, following Nasdaq's decline on Friday.
Tokyo Electron 8035.T lost 0.78% and Advantest 6857.T
fell 0.8%.
The stocks that gained the most among the top 30 core Topix
names were Honda Motor 7267.T , which rose 3.42%, followed by
Mitsubishi UFJ Financial Group 8306.T , which gained 3.21%.
The underperformers among the Topix 30 were Nidec 6594.T ,
down 1.71%, followed by SoftBank Group.
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Japanese shares gain on economic rebound hopes, tech shares weigh
Published 15/03/2021, 03:59
Updated 15/03/2021, 04:00
Japanese shares gain on economic rebound hopes, tech shares weigh
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