TOKYO, Jan 28 (Reuters) - Japan's Nikkei rebounded on Friday
from a 14-week closing low, buoyed by strong earnings from Apple
Inc, but remained on course for its biggest weekly drop in two
The Nikkei jumped 2.10% to 26,720.06 by the midday
break and was set for its first session of gains in four, with
nearly 10 stocks rising for every one that fell.
"There's a feeling that the sell-off has gone too far, so
it's natural for there to be some buying back of shares," said
Koji Toda, a fund manager at Resona Asset Management.
"If gains slow close to 27,000, it could be a sign of more
For the week, the Nikkei has declined 2.92%, the most since
the week ended Nov. 26, as Japanese stocks joined a global
sell-off amid worries about an accelerated pace of U.S. monetary
policy tightening. The index was also on track for a fourth
straight weekly decline.
The broader Topix rallied 1.89%, but was still 2.59%
lower for the week.
Apple, the world's largest company by market value,
posted record sales over the holiday quarter, beating analyst
estimates. Nasdaq futures rose 1.2% in Asia trade, after
the index shed 1.2% overnight.
Sony Group jumped 3.53%, rebounding from its
weakest level since early October. Toyota Motor gained
3.84%, climbing from its lowest closing level this year. Uniqlo
store operator Fast Retailing was the biggest support
by index points, rising 3.46% from its weakest level in nearly
Fuji Electric surged 9.68% to become the Nikkei's
biggest percentage gainer, after posting strong earnings late on
SoftBank Group rose 1.32%, recovering after hitting
a fresh 20-month low earlier in the day.
Chip stocks were mixed. Advantest rose 2.04% after
forecasting a big increase in operating profit. Renesas
Tokyo Electron, however, slipped 0.37% to a fresh
three-month low, making it the Nikkei's biggest drag by index
Fujitsu was the biggest percentage decliner on the
benchmark index, tumbling 9.03% after posting disappointing
Japanese stocks suffered their biggest foreign outflows in
seven weeks last week, with cross-border investors selling
582.91 billion yen ($5.05 billion) worth of equities in the
period ended Jan. 21, data from Japanese exchanges
($1 = 115.3900 yen)
(Reporting by Tokyo markets team; Editing by Subhranshu Sahu)