Nikkei rebounds on bargain-hunting, mining sector remains weak

Last Updated: Thu, Dec 07, 2017 12:37 hrs
Asia Markets

TOKYO: Japan's Nikkei share average ended higher on Thursday, taking back some ground lost in the previous session as investors snapped up bargains after the benchmark index skidded its most in 8-1/2 months The Nikkei finished up 1.45 percent, or 320.99 points, at 22,498.03, following its biggest fall since March the previous day, when it broke key technical support at its 25-day moving average.

Index heavyweight Fast Retailing added 2.37 percent.

Pharmaceutical shares added 1.04 percent, while securities shares were up 0.61 percent.

Oil shares added 1 percent after crude oil futures steadied following an overnight sell-off.

But mining shares slumped 0.9 percent, continuing their weakness as the price of copper wallowed at low levels after dropping more than 4 percent on Tuesday, its biggest daily fall in almost 2-1/2 years.

Shares of Advantest Corp rose 1.76 percent, after Nikkei reported that the chip company's fiscal year operating profit is seen reaching 20 billion yen ($177.87 million).

The broader Topix rose 1.18 percent, or 20.83 points, to 1,786.25, while the JPX-Nikkei Index 400 rose 1.17 percent, or 183.51 points, to 15,825.72.

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