Japanese shares end marginally higher in subdued trade

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TOKYO, Nov 16 (Businesshala) – Japanese shares ended slightly higher on Tuesday, erasing most early gains on a lack of any major market-moving cues, but gains in companies with an upbeat outlook dampened overall sentiment. Gave.

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The Nikkei stock average closed 0.11% higher at 29,808.12, having risen as much as 0.6%. Broader Topics also rose 0.11% to 2,050.83.

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“Shares moved in the first session on anticipation of talks between the US and China, but otherwise it was difficult to ascertain reasons for trading today,” said Shigetoshi Kamada, general manager of research at Tachibana Securities.

“But the market was lifted by gains in chip-related stocks and auto stocks, whose outlook is not as investors had initially expected.”

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Throughout the session, investors’ eyes were on the crucial meeting between US President Joe Biden and Chinese leader Xi Jinping.

Both Nikkei and Topics rose after a report by Chinese state media said Chinese President Xi Jinping told US President Biden in a virtual meeting that the two countries should strengthen communications and coexist peacefully. should remain.

Automaker Subaru jumped 5.22% after JPMorgan Securities raised its rating and target share price.

Toyota Motor surged 1.88% as the automaker said last week it began slashing production in December to keep up with its plan to produce 9 million vehicles worldwide during the fiscal year due to supply constraints. .

Chip-related Tokyo Electron and Murata Manufacturing grew 1.39% and 1.82%, respectively.

The insurer climbed as US Treasury yields rose, with T&D Holdings rising 2.57% and Dai-ichi Life Holdings up 1.69%.

Staffing agency Recruit Holdings, which moved to the US through employment site Indeed, fell 3.31% even after posting a half-year profit jump.

Editing by Rashmi Aichu

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