TOKYO: Japan’s Nikkei share average ended higher on Thursday, as investors scooped up stocks following a heavy profit-booking sell-off earlier this week as the new financial year started.
The Nikkei rose 0.81% to close at 39,773.14, after rising as much as 2% to cross 40,000. The broader Topix ended 0.94% higher at 2,732.00. “Investors scooped up stocks on dips as a series of sell-offs related to profit-booking is over,” said Naoki Fujiwara, senior fund manager at Shinkin Asset Management.
“Their positive view on the Japanese stock market has not changed so it was natural that there was a buying on dips.”
Chip-related Socionext surged 17.55% to a daily limit high after Morgan Stanley MUFG Securities raised its rating.
Robot maker Fanuc rose 3.16% and technology start-up investor SoftBank Group climbed 1.07%.
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