Japanese shares end higher as investors scoop up battered stocks

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

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Shares of the Nikkei average closed 1.13% higher at 29,609.97, extending gains for the second session, while the broader Topics rose 1.31% to 2,040.60. Both the indices closed flat during 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 2.58% and jumped 10% for the week, while chip-making equipment maker Tokyo Electron rose 1.96% and medical platform M3 rose 1.14%.

Property developers also advanced, with Mitsubishi Estate jumping 3.57% and Mitsui Fudosan 4.66%.

Watchmaker Citizen Watch followed its forecast for annual net profit up 9.46%.

After the retailer posted a jump in half-year profit and announced share buybacks, Marui Group rose 4.16%.

On the downside, Suzuki Motor lost 2.38% after the automaker missed the market consensus in six months of net profit.

Toshiba, which is trying to gain investor confidence in its governance, gave up early gains to fall 1.32% after a company commissioned report said its executives, including its former CEO, committed unethical behavior. done, though not illegally, in relation to the allegations that the management sought to press. foreign shareholders.

A separate shareholder-commission report in June concluded that Toshiba colluded with Japan’s trade ministry to prevent foreign investors from gaining influence at last year’s shareholders meeting.

Editing by Sherry Jacob-Phillips

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