TOKYO: Japanese stocks gained on Tuesday, with the broad Topix index hitting a near one-month high, after markets recovered from last week’s sell-off and awaited a slew of corporate earnings for a fresh readout on the country’s economic health.
Nikkei share average closed 0.52% higher at 28,718.24, while the broader Topix gained 0.73% to 1,967.64, its highest close since June 16.
Both indexes have quickly recovered from last week’s tumble, which many investors attributed to concerns over Delta variant as well as big selling from Exchange Traded Funds (ETFs) related to their dividend payment.
Cyclical, value-oriented shares led the gains, including shippers, securities brokerages, and insurers.
Value-oriented shares outperformed with gains of 1.1%, compared with a 0.4% rise in growth shares.
Tama Home soared 17.6% to its record high after the home builder posted upbeat earnings due to stronger post-pandemic demand.
Cosmos Pharmaceutical gained 9.3% after the drugstore chain operator posted forecast-beating earnings.
Kakuyasu dropped 3.3% after the alcohol retailer withdrew its earnings outlook for the current year through March 2022, citing uncertainties due to the government’s renewed bans on alcohol being served in restaurants.
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