Japan shares rise on bargain hunting for undervalued stocks, cost woes weigh

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TOKYO, Nov 11 (Businesshala) – Japanese stocks rose on Thursday as investors were selective and scooped up stocks that were undervalued compared to their latest outlook, while the outlook capped gains on the impact of rising costs. Worry.

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Nikkei shares averaged 0.6% higher at 29,280.42 by 0153 GMT, after losing 0.2% to track overnight weakness on Wall Street earlier in the session. Broader Topics rose 0.37% to 2,015.34.

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Wall Street closed sharply down overnight as rising consumer prices dampened investors’ risk appetite, and heightened concerns of a long wave of red-hot inflation.

“Investors bought shares whose prices were undervalued relative to their latest outlook. Ikuo Mitsui, fund manager at Aizawa Securities, said, “We are seeing a clear divergence in stock prices between strong earners and non-earners.

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“But we may see no signs of an end to the global trend of rising costs in materials and transportation, which is weighing on investor sentiment.”

Toppan Printing grew 9.01% after the printing company raised its annual outlook. Showa Denko also rose 7.29%, as the industrial materials maker returned to profits.

Pacific Metals rose 16.01% after an activist fund disclosed its stake in the creation of Ferronikel.

On the other hand, cosmetics maker Shiseido and brewery Asahi Group Holdings fell 5.82% and 3.25%, respectively, after cutting their annual profit outlook.

Pan Pacific International Holdings declined 9.21% after the operator of discount stores’ outlook missed market expectations.

There were 145 advances against 71 declines on the Nikkei index.

Editing by Rashmi Aichi

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