Tokyo shares end higher on bargain hunting

TOKYO: Tokyo stocks ended higher Monday as bargain-hunters moved in following sharp falls last week.

The benchmark Nikkei 225 index added 0.85 percent, or 276.21 points, to 32,678.62, while the broader Topix index rose 0.39 percent, or 9.23 points, to 2,385.50.

Investors welcomed the yen’s weakness and picked up tech, pharmaceutical and other stocks that had been oversold in recent sessions.

The dollar stood at 148.34 yen, against 148.36 yen in New York on Friday.

“US tech shares slowed the speed of their falls, and the Tokyo market saw technology shares turn buoyant including semiconductors,” Daiwa Securities said.

Buyers also continued to hail the Bank of Japan’s decision last week to maintain its super easy monetary policy, analysts said.

High-tech investor SoftBank Group jumped 3.65 percent to 6,424 yen and game producer Nintendo rose 1.19 percent to 6,224 yen.

Tokyo Electron, which makes tools to build semiconductors, rallied 2.60 percent to 20,940 yen, while semiconductor test maker Advantest jumped 3.87 percent to 16,500 yen.

Drugmaker Eisai rose 1.96 percent to 8,645 yen after the Japanese government approved its drug to treat Alzheimer’s disease. Takeda Pharmaceutical added 1.21 percent to 4,768 yen.

Heavily weighted Fast Retailing, which manages the Uniqlo brand, trimmed losses and ended down 0.06 percent at 34,000 yen.

Toyota fell 0.97 percent to 2,761.5 yen but Nissan rose 0.68 percent to 692.2 yen.

Banking shares came under pressure, with Mitsubishi UFJ Financial Group losing 2.52 percent to 1,297.5 yen and Mizuho Financial Group off 2.73 percent at 2,636.5 yen.