TOKYO, Oct 29 (Reuters) - Japanese shares reversed course to
end marginally higher on Friday, as optimism around domestic
corporate outlook outweighed investors' caution ahead of the
country's general election.
The Nikkei share average edged up 0.25% to close at
28,892.69, after losing as much as 1.2% earlier in the session.
For the week, the index inched up 0.3%.
The broader Topix also changed course to gain 0.08%
"The market had a complicated move today, with a
bigger-than-expected fall earlier in the day. Investors probably
sold shares to adjst positions in the run-up to the election,"
said Jun Morita, general manager of the research department at
Chibagin Asset Management.
"So far, overall Japanese companies have reported positive
earnings despite negative factors such as supply chain
disruptions and shortage of materials. That has lifted investor
The Nikkei recouped most of its early losses after Denso
, an affiliate of Toyota Motor, reported robust
earnings during the session, market participants said.
Denso rose 1.72%, while Toyota edged up 0.33%.
Keyence jumped 5.03% after the electronic
application equipment maker reported a 67% jump in its
first-half net profit.
Shares of Sony Group, which squeezed out a surprise
1% rise in operating profit for its second quarter, rose 1.9%.
Shipping firms jumped 7.22% as Mitsui OSK Lines'
annual forecast beat analysts' expectations.
But market gains were limited as investors refrained making
bets ahead of the election to be held on the weekend, market
Japan's ruling Liberal Democratic Party (LDP) faces a fight
to maintain its sole majority in the lower house election,
opinion polls on Friday showed.
Panasonic fell 6.2% even as the home electric
appliances maker raised its full-year operating profit outlook
Technology heavyweight Advantest fell 2.81% as its
annual forecast missed consensus.
(Editing by Sherry Jacob-Phillips and Rashmi Aich)