November 16, 2017 / 6:16 AM / 2 years ago

Nikkei ends 6-day losing streak; SoftBank, Shiseido gain

TOKYO, Nov 16 (Reuters) - Japan’s Nikkei share average rose on Thursday, as buyers stepped back in for bargains following six straight days of losses, with SoftBank gaining after a report that it plans to invest as much as $25 billion in Saudi Arabia.

The Nikkei ended the day 1.47 percent higher at 22,351.12. Taking its cue from weakness on Wall Street overnight, the index slipped to a 16-day low of 21,972.34 after the opening bell before bouncing back.

Of Tokyo’s 33 subindexes, 30 gained. Those containing companies that recently reported robust earnings attracted bargain hunting, with precision machinery, chemicals and electrical machinery gaining.

The mining subindex declined 1.6 percent amid the recent drop in prices of commodities.

SoftBank Group Corp rose 2.2 percent after Bloomberg reported that the tech and telecoms firm plans to plough around $15 billion in a new business and industrial city called NEOM and its Vision Fund would invest around $10 billion in state-controlled Saudi Electricity Co.

Cosmetics maker Shiseido Co rose as much as 3.5 percent to a record high 5,238 yen after Goldman Sachs raised its rating on the company to “buy” from “neutral.”

Komatsu Ltd shed 1.3 percent after fellow earth moving equipment maker Caterpillar Inc fell 2.5 percent overnight.

The broader Topix gained 1 percent to 1,761.71. (Reporting by Shinichi Saoshiro; Editing by Jacqueline Wong)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below