Nikkei ends lower, posts biggest monthly gain in near 27 yrs on vaccine cheer

TOKYO, Nov 30 (Reuters) - Japan's benchmark Nikkei closed
lower on Monday but posted its biggest monthly gain in nearly 27
years, as optimism over progress in COVID-19 vaccine development
and fading uncertainty surrounding the U.S. election boosted
risk appetite.
The Nikkei share average .N225 ended 0.79% lower at
26,433.62, snapping its four consecutive sessions of gains. But
the index saw a 15% jump in November, its biggest monthly gain
since January 1994.
The broader Topix .TOPX also marked its best month since
April 2013, but closed 1.77% lower at 1,754.92.
Global markets were dominated by a surge in risk appetite
this month on Joe Biden's U.S. presidential win and on promising
news surrounding vaccine efficacy rates.
"These news have pushed Japanese stocks largely higher ...
to an exceptional performance this month," said Masahiro
Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset
Management, noting that hopes for a normalisation of economic
activity further boosted investor sentiment.
Japanese equities began on a strong note, after Wall Street
ended higher last week, but fell into negative territory on
selling pressure due to profit-booking and month-end
adjustments.
The dollar fell to 103.85 against the Japanese yen
JPY=EBS , also providing headwind for export-oriented stocks,
analysts said.
Aviation .IAIRL.T and land transport .IRAIL.T sectors
took a hit, falling 3.59% and 2.29%, respectively, due to the
rising number of domestic coronavirus cases.
ANA Holdings 9202.T fell as much as 1.4% before closing
0.89% lower, after the airline said on Friday it would issue new
shares to raise $3.2 billion. SoftBank Group Corp 9984.T rose 0.3%, after hitting its
highest level since April 2000.
The Mothers Index .MTHR of start-up firms added 1.77%.
Elsewhere, Tokyo Stock Exchange (TSE) operator Japan
Exchange Group 8697.T slightly eased after news that TSE's
President and Chief Executive Officer Koichiro Miyahara decided
to resign over the system failure that caused an all-day
suspension on the bourse last month.