TOKYO, Nov 12 (Reuters) - Japanese shares rose on Friday,
with tech stocks leading gains, as investors bought into a
domestic market that has lagged behind a global rally on
concerns about the impact of rising costs on corporate earnings.
The Nikkei share average rose 1.1% to 29,608.29 by
0159 GMT, extending gains for a second session, while the
broader Topix advanced 1.27% to 2,039.88. Both indexes
are on course to remain flat for the week.
"Japanese shares are pretty much behind the global markets
and their PER (price-earnings ratio) is low compared with other
countries, which drove investors to buy Japanese stocks," said
Shigetoshi Kamada, general manager at the research department at
"But it is still hard for the market to regain the 30,000
Technology shares led gains on the Nikkei, tracking Wall
Street cues as the Philadelphia SE Semiconductor index
bounced back from its worst session in more than six weeks.
Start-up investor SoftBank Group rose 3.3% and was
headed for a 10% weekly gain, while chip-making equipment maker
Tokyo Electron advanced 1.2% and medical platform M3
Property developers also advanced, with
Mitsubishi Estate jumping 3.96% and Mitsui Fudosan
Watchmaker Citizen Watch surged over 10% after its
annual net profit beat forecasts.
Marui Group rose 5.82% as the retailer posted a
half-year profit jump and announced a share buyback.
On the downside, Suzuki Motor lost 2.04% after the
automaker's six-month net profit missed a market consensus.
Oki Electric Industry was down 5.02%, falling the
most on the Nikkei, while Sumitomo Mitsui Trust Holdings
shed 4% and Keisei Electric Railway declined
There were 189 advancers on the Nikkei index against 34
(Editing by Ramakrishnan M.)