April 2, 2018 / 2:45 AM / 5 months ago

Nikkei steady as market starts new quarter; tech stocks strong

TOKYO, April 2 (Reuters) - Japan’s Nikkei share average was steady on Monday morning as the market started the new quarter, hovering at a key technical level as investors bought bellwether stocks such as tech shares and index heavyweights.

The Nikkei rose 0.6 percent to 21,572.73 in midmorning trade, near its 25-day moving average of 21,499.66, after opening a tad lower.

Tech shares were bought with Advantest rising 3.0 percent, silicon maker Sumco gaining 1.5 percent.

Index heavyweights enjoyed strong demand. Fast Retailing advanced 0.9 percent, Tokyo Electron added 1.6 percent and TDK Corp surged 2.6 percent.

The dollar was steady at 106.280 yen, underpinning sentiment.

The utility sector rose and was the second best performer on the board, led by Kansai Electric Power Co’s surge of more than 5 percent after the Osaka District Court rejected an injunction on Friday seeking to halt two reactors at the Takahama nuclear plant.

Real estate shares lost ground with Mitsui Fudosan falling 0.6 percent and Mitsubishi Estate shedding 1.0 percent.

The broader Topix edged up 0.3 percent to 1,721.30.

Reporting by Ayai Tomisawa Editing by Eric Meijer

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