TOKYO, March 25 (Reuters) - Japan's Topix was set to snap a
three-day losing streak on Thursday, as investors scooped up
beaten-down cyclical stocks, although gains were capped by
chip-related shares that tracked the Nasdaq lower.
The broader Topix rose 0.91% to 1,946.16 by 0150
GMT, while the Nikkei 225 Index gained 0.33% to
"There were a lot of pessimistic news that prompted
investors to sell cyclical shares (yesterday). They are buying
back those today," Shoichi Arisawa, general manager of the
investment research department at IwaiCosmo Securities.
Banking stocks led the gains on Topix, with Mitsubishi UFJ
Financial Group rising 2.13% and Sumitomo Mitsui
Financial Group jumping 2.53%. Mizuho Financial Group
Toyota Motor edged up 0.43% after the automaker
revived a partnership with Isuzu Motor to boost their
competitive edge in connected, commercial vehicles, with
Toyota's truck unit Hino Motors Ltd joining in the
Isuzu fell 1.01%, while Hino slumped 6.59% following a surge
on the news on Wednesday, making it the biggest loser on the
Chip-related shares fell, with Advantest losing
2.78% and Tokyo Electron losing 2.76%. They tracked a
weak show by the Nasdaq overnight.
Tech investor SoftBank Group fell 3.14%.
All but three of the 33 sector sub-indexes on the Tokyo
exchange traded higher, with highly cyclical material sectors
being among the top gainers on the main bourse.
The stocks that gained the most among the top 30 core Topix
names were Fanuc Corp up 2.88%, followed by Hitachi
, rising 2.62%.
The largest percentage gainers in the Nikkei index were
Mitsui Mining and Smelting Co Ltd up 4.99%, followed by
Konica Minolta, gaining 4.45 % and Aozora Bank
(Reporting by Junko Fujita; editing by Uttaresh.V)