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Japanese shares end lower as cyclical stocks drag; Toshiba slips

06/11/2021 | 03:08am EDT

TOKYO, June 11 (Reuters) - Japanese shares ended marginally lower on Friday as losses in cyclical stocks, as well as banks and property firms, offset gains in heavyweight technical firms.

The Nikkei share average closed 0.03% down at 28,948.73, while the broader Topix slipped 0.14% to 1,954.02. For the week, the Nikkei traded in a narrow range, posting a marginal gain of 0.02%.

Toshiba Corp shed 1.59% after an explosive investigation released on Thursday found the company and the government colluded to lean on foreign investors to fall in line with management's wishes.

"Japan's technology stocks are bought as the Nasdaq's gain and the fall in U.S. interest rates lifted investor sentiment," said Jun Morita, general manager of the research department at Chibagin Asset Management.

"But the market was weighed down by uncertainties. It's hard for investors to decide to sell or buy when the Nikkei hovers around the 29,000-level as they are not necessarily optimistic about the Japanese market outlook."

Some market participants doubt Japan's economy will recover as quickly as that of the United States and other advanced nations, as the country grapples with a fourth wave of the pandemic.

Staffing agency Recruit Holdings fell 2.53%, the biggest drag on the Nikkei, while machinery makers Kubota and Komatsu lost 4.49% and 3.24%, respectively.

Banks and property firms declined the most among the 33 industry sub-indexes.

Technology firms advanced, with a medical platform M3 Inc rising 3.12%, Advantest gaining 0.61% and Tokyo Electron rising 0.65%.

Drugmaker Eisai jumped 7.0% after a sharp fall in the previous session amid a volatile trade this week following U.S. regulators' approval of a drug developed by the firm and Biogen for Alzheimer's disease. (Reporting by Junko Fujita; Editing by Ramakrishnan M.)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION 1.29% 10240 End-of-day quote.32.47%
BIOGEN INC. -1.94% 380.91 Delayed Quote.55.56%
EISAI CO., LTD. 5.92% 12075 End-of-day quote.63.80%
KOMATSU LTD. -1.37% 2850.5 End-of-day quote.1.17%
KUBOTA CORPORATION -2.26% 2231 End-of-day quote.-0.89%
M3, INC. 3.37% 7585 End-of-day quote.-22.15%
MORITA HOLDINGS CORPORATION -1.00% 1589 End-of-day quote.-9.41%
NIKKEI 225 3.12% 28884.13 Real-time Quote.2.07%
RECRUIT HOLDINGS CO., LTD. -0.31% 5522 End-of-day quote.27.79%
TOSHIBA CORPORATION -0.93% 4775 End-of-day quote.65.51%
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