Mon, 10 May 2021

TOKYO, April 13 (Xinhua) -- Tokyo stocks closed higher Tuesday as investors sought out issues deemed oversold following the market's recent decline, with sentiment supported by firms reporting solid earnings.

The 225-issue Nikkei Stock Average added 212.88 points, or 0.72 percent, from Monday to close the day at 29,751.61.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, gained 3.96 points, or 0.20 percent, to finish at 1,958.55.

Tokyo stocks opened higher and extended gains throughout most of the day as investors picked up issues whose value had declined following the market's recent slump, local brokers said.

They added that corporations reporting solid earnings helped buoy the market mood, although concerns remained rife over rising COVID-19 cases in Japan, with those in Osaka on Tuesday hitting a new record at 1,099 new infections.

Tokyo, Kyoto and Okinawa on Monday imposed stricter antiviral measures, joining Osaka, Hyogo and Miyagi prefectures, with the measures hoped to help curb a surge in new infections.

Market strategists have said, however, that the latest measures which will impact travel over the upcoming Golden Week string of national holidays, could further cloud the outlook for the recovery of the world's third-largest economy.

Adding to complications, they said Japan's sluggish vaccination rollout just months before the Summer Olympics could further damage the already recession-hit economy.

As for firms reporting solid earnings, traders here said investor moves were down to individual results, rather than any big picture revelations, with the market lacking clear direction.

"Today's moves were mostly reactions to individual earnings," Nobuhiko Kuramochi, senior strategist at Mizuho Securities., was quoted as saying.

"Overall, the market does not have a clear sense of direction at the moment, as investors looked to whether the Fed will start communication about tapering its stimulus," Kuramochi said.

By the close of play, iron and steel, securities house and glass and ceramics product issues comprised those that advanced the most.

Glass product maker AGC added 2.9 percent, after upwardly revising its earnings outlook, helping to bolster the sector.

Nippon Sheet Glass was a beneficiary, soaring 6.8 percent by the close.

Similarly, department store operator Takashimaya rose 4.3 percent, after saying its profits had beaten initial forecasts, signaling its embryonic post-pandemic recovery.

Other operators also found favor, owing to Takashimaya's climb, with Isetan Mitsukoshi advancing 1.7 percent, while J. Front Retailing closed 4.0 percent higher.

But, COVID-19 fears stifled transportation issues on concerns the already-reeling sector will be further hurt by dwindling domestic travel due to tougher antiviral measures across six prefectures so far, including the capital.

Central Japan Railway dropped 1.6 percent, while West Japan Railway ended 2.1 percent lower.

Issues that rose outpaced those that fell by 1,110 to 975 on the First Section, while 105 ended the day unchanged.

On the main section on Tuesday, 1,016.61 million shares changed hands, rising from Monday's volume of 954.29 million shares.

The turnover on the second trading day of the week came to 2,302.82 billion yen (21.06 billion U.S. dollars).

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