Japanese shares rebound from sharp losses, tech shares lead gains

11/24/2021 | 09:25pm

TOKYO, Nov 25 (Reuters) - Japanese shares rose on Thursday, with technology shares leading gains, as investors scouted for bargains after sharp declines in the previous session.

The Nikkei share average rose 0.7% to 29,514.38 by 0155 GMT, while the broader Topix was up 0.37% to 2,026.53.

"The declines in the previous session, which had no clear reasons, was deeper than expected and today's gain is a rebound from that," said Ikuo Mitsui, fund manager at Aizawa Securities.

"The fundamentals for domestic growth are relatively strong, with the pandemic heading towards the end in Japan, and demand for services set to grow."

Wall Street shares finished higher ahead of the U.S. Thanksgiving holiday, with the Nasdaq Composite underpinned by tech gains.

Their peers in Japan tracked the Nasdaq, with game maker Sony Group rising 1.35%, wafer maker Shin-Etsu Chemical gaining 1.63% and chip making equipment maker Tokyo Electron climbing 0.63%.

Oil explorers and refiners were among the top performers in the 33 sector sub-indexes on the Tokyo exchange, rising 1.41% and 1.37%, respectively, as oil prices remained largely steady.

Airlines fell 4.16% and was the worst performer among the sub-indexes. ANA Holdings lost 5.9% after an announcement of sale of convertible bonds.

Mitsui & Co rose 2.68% and was the top percentage gainer among the top 30 core Topix names, followed by Itochu , which climbed 1.77%.

Recruit Holdings, losing 0.84%, was the worst performer among the top 30 Topix names, followed by Kao , which fell 0.37%. (Editing by Uttaresh.V)

© Reuters 2022
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