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TOKYO, Sept 6 (Reuters) – Japan’s average Nikkei inventory rose on Tuesday as investors bought inventory again after four straight sessions of losses, boosted by gains from Uniqlo clothing store owner Fast Retailing and weight chipmakers.
The Nikkei index rose 0. 02% to 27,624. 96 on the lunch break, after temporarily falling into negative territory. The broader Topix was down 0. 04% at 1,927. 97.
The Nikkei company despite losses in European stocks overnight, after the euro fell below 99 cents for the first time in 20 years and European fuel costs rose after Russia said its main source of fuel to Europe would be shut down again.
“Investors have bought back into falling stocks, especially chip stocks,” said Shoichi Arisawa, managing director of the investment arm of IwaiCosmo Securities.
“Japan’s economy is supported by government measures and is strong compared to other countries, which reassures investors. “
Fast Retailing gained 0. 27% and provided the lion’s share to the Nikkei.
Chip giants Tokyo Electron and Advantest rose 0. 28 and 0. 52 Array respectively.
Overall, Japanese stocks are supported by domestic expansion expectations driven by economic measures, adding further easing of border controls after tourism demand was hit by the COVID-19 outbreak, said Maki Sawada, a strategist at Nomura Securities.
“But caution about the slowdown in the U. S. economy is not very much the case. The U. S. has more profits. “
Unitika jumped 8. 71%, even after the announcement of the textile manufacturer’s exclusion from the Nikkei 225, a normal reorganization.
Maruha Nichiro fell 1% after fishing company Nikkei was excluded, while Hoya jumped 2. 73% after the eyewear maker joined the index.
(Reporting via Junko Fujita; Editing via Rashmi Aich)