Japanese stocks are gaining bargain hunting after heavy losses


TOKYO, Nov 25 (Reuters) – Japanese stocks rose on Thursday, led by technology stocks as investors rallied after heavy losses in the previous session.

The Nikkei stock average (.N225) rose 0.67% to close at 29,499.28 points, while the broader Topix (.TOPX) rose 0.33% to 2,025.69.

“The declines in the previous session, for no clear reason, were deeper than expected and today’s profit is a rebound from that,” said Ikuo Mitsui, fund manager at Aizawa Securities.

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“The fundamentals for domestic growth are relatively strong as the pandemic in Japan is drawing to a close and demand for services will increase.”

Wall Street stocks finished higher ahead of Thanksgiving Day, with the Nasdaq Composite (.IXIC) benefiting from technical gains.

Its competitors in Japan followed the Nasdaq, with game maker Sony Group (6758.T) gaining 1.39%, wafer maker Shin-Etsu Chemical (4063.T) gaining 1.57% and chip maker Tokyo Electron (8035.T). T) by 0.6. climbed %.

Oil explorer (.IMING.T) were among the top performers in the 33 sector sub-indices on the Tokyo Stock Exchange, with an increase of 1.85%, as oil prices remained largely stable.

Probiotic yogurt maker Yakult Honsha (2267.T) gained 0.51% after its professional baseball club Yakult Swallows took just one Japan Series championship win.

ANA Holdings (9202.T) lost 5.65% when the airliner raised funds through the sale of convertible bonds.

ANA’s competitors (.IAIRL.T) fell 3.89% and performed worst among the sub-indices, while railways (.IRAIL.T) rose 1.55%.

Mitsui & Co (8031.T) was up 2.32% and was the percentage winner among the top 30 core Topix names, followed by Fanuc (6954.T) which was up 2.29%.

Recruit Holdings (6098.T) lost 2.26%, bottoming out of the top 30 Topix names, followed by Toyota Motor (7203.T), which lost 0.59%.

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Editing by Shailesh Kuber

Our standards: The Thomson Reuters Trust Principles.

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