Japan shares rise as investors snap up battered stocks

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TOKYO, Nov 12 (Businesshala) – Japanese shares edged higher on Friday, with gains in tech stocks as investors bought into the domestic market, which has lagged behind a global rally on concerns about the impact of rising costs on corporate earnings. .

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Shares of the Nikkei average rose 1.1% to 29,608.29 GMT by 0159 GMT, extending gains for the second session, while the broader top was up 1.27% to 2,039.88. Both the indices are likely to remain flat for the week.

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“Japanese stocks lag far behind global markets and their per (price-earnings ratio) is low compared to other countries, which prompted investors to buy Japanese stocks,” said Shigetoshi Kamada, general manager of research at Tachibana Securities. “

“But it is still difficult for the market to regain the 30,000 level.”

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Technology stocks held gains on the Nikkei, tracking Wall Street cues as the Philadelphia SE Semiconductor Index bounced back from its worst session in more than six weeks.

Start-up investor SoftBank Group rose 3.3% and led for a 10% weekly gain, while chip-making equipment maker Tokyo Electron jumped 1.2% and medical platform M3 jumped 2%.

Property developers also advanced, with Mitsubishi Estate jumping 3.96% and Mitsui Fudosan up 4.39%.

Watchmaker Citizen Watch rose more than 10% after forecasting its annual net profit.

Marui Group rose 5.82% as the retailer posted a jump in half-year profit and announced share buybacks.

On the downside, Suzuki Motor lost 2.04% after the automaker missed the market consensus in six months of net profit.

Oki Electric Industry was down 5.02%, with the biggest losers on the Nikkei, while Sumitomo Mitsui Trust Holdings declined 4% and Keisi Electric Railway declined 2.2%.

There were 189 advances against 34 decliners on the Nikkei Index. (Editing by Ramakrishnan M.)

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