TOKYO, Nov 11 (Reuters) - Japanese shares gained on
Thursday, as investors were selective and scooped up stocks that
were undervalued in comparison to their latest outlooks, while
concerns over impact of rising costs on outlook capped gains.
The Nikkei share average rose 0.6% to 29,280.42 by
0153 GMT, after losing as much as 0.2% to track overnight
weakness on Wall Street earlier in the session. The broader
Topix gained 0.37% to 2,015.34.
Wall Street closed sharply lower overnight as surging
consumer prices curbed investor risk appetite, and stoked
worries of a protracted wave of red hot inflation.
"Investors bought shares whose prices proven undervalued
relative to their latest outlook. We have been seeing a clear
contrast in stock prices between those with strong earnings and
those without," said Ikuo Mitsui, fund manager at Aizawa
"But we can't see any sign for the end of the global trend
of rising costs in materials and transportation, which have been
weighing on the investor sentiment."
Toppan Printing surged 9.01% after the printing
company raised its annual outlook. Showa Denko, too,
rose 7.29%, as the industrial materials maker returned to
Pacific Metals surged 16.01%, after an activist
fund disclosed its holdings in the manufacture of ferronickel.
On the other hand, cosmetics maker Shiseido and
brewery Asahi Group Holdings fell 5.82% and 3.25%,
respectively, after cutting their annual profit outlook.
Pan Pacific International Holdings tanked 9.21%
after the operator of discount stores' outlook missed market
There were 145 advancers on the Nikkei index against 71
(Editing by Rashmi Aich)