TOKYO: Japanese shares rebounded 0.53 percent on Thursday morning due to bargain buying after posting their heaviest loss in six months Wednesday, with sentiment buoyed by Wall Street's modest gains. The Nikkei index of the Tokyo Stock Exchange added 55.71 points to 10,548.09, staging a slight recovery from Wednesday's steepest loss since August 31. The Topix index of all first section shares added 0.46 percent, or 4.31 points, to 947.18. Wall Street's rise Wednesday lifted the mood, after Federal Reserve Chairman Ben Bernanke wrapped up two days of semi-annual testimony to Congress in which he said the US recovery was strengthening but unemployment was too high. But payrolls firm ADP reported a 15 percent increase in job creation from January, to 217,000 jobs, much better than the hiring slowdown expected by economists. The Dow Jones Industrial Average eked out a 0.07 percent gain. However, the wave of social unrest sweeping the Middle East and North Africa was expected to keep Tokyo shares under pressure, analysts said, on fears rising oil prices will depress a global economic recovery." Right now, outlook concerns are driving the market more than current economic fundamentals," Tsuyoshi Segawa, equity strategist at Mizuho Securities, told Dow Jones Newswires.
" As it's unclear where crude oil prices and the North Africa situation are going, choppy trading will likely continue" in coming sessions, he said. Shares of oil explorer Index were outperforming the market, up 1.22 percent at 580,000 yen. In Asian trade Thursday, New York's main contract, light sweet crude for April delivery, rose 24 cents to $102.47 and Brent North Sea crude for April delivery was up 35 cents at $116.70. Softbank gained 3.37 percent to 110 yen on prospects of higher sales after Apple unveiled its second-generation iPad. Softbank is the US firm's exclusive partner in Japan. Fast Retailing was off 1.11 percent at 12,370 yen after reporting weaker February same-store sales.
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