TOKYO, Nov 2 (Reuters) - Japan's Nikkei share average jumped
on Monday, weathering the impact from downbeat U.S. stocks late
last week, as signs of a recovery in earnings at home and a
relatively contained domestic COVID-19 situation lifted
The Nikkei rose 1.42% to 23,303.42, erasing all of
its Friday losses that took it to a two-month closing low. The
broader Topix gained even more, rising 1.78% to 1,607.39
from Friday's near-three-month trough.
"Looking at Japanese earnings, you can see cyclicals are
recovering. Some companies are raising their annual guidance
more than expected," said Fumio Matsumoto, chief strategist at
Keyence, the fourth-largest company on the Tokyo
bourse by market capitalisation, rose 1.7% after the developer
of sensors and other electronic goods announced upbeat quarterly
Makita Corp jumped 8.3% following its brisk
earnings, while M3, which has more than doubled so far
this year, added 1.4%.
But, Murata Manufacturing dipped 0.9%, failing to
maintain earlier gains on profit-taking. The company had revised
up its annual estimates more than expected, citing stronger
recovery in smart phone and automobile-related demand.
Cheaper, value shares attracted investors' bargain-hunting
the most, with limited virus cases in Japan giving some
advantage. Daily new infections remain less than one thousand
compared with over ten thousands in most other G7 countries.
Japan Tobacco rose 6.1% after its earnings.
The electricity and gas companies' index was the
top performer, with a gain of 3.1%, followed by real estate
and steelmakers, both up 2.9% each.
Toyota rose 2.4% and KDDI gained 5.0%
after they said the automaker would invest 52.2 billion yen
($500 million) in the mobile carrier to deepen their partnership
in the age of the "connected car".
The Mothers start-up index fell 0.7% to a
1-1/2-month low, as investors took profits from their rally this
Similarly some of stay-home winner shares came under
pressure, with Z Holdings falling 10% after its
(Reporting by Hideyuki Sano; editing by Uttaresh.V)