[TOKYO] Japan’s Nikkei share average marked a record high close for a third session on Thursday (Sep 25), as investors scooped up cheap shares, betting on the potential for further market gains.
The Nikkei rose 0.27 per cent to close at 45,754.93.
The broader Topix rose 0.47 per cent to 3,185.35.
“Investors bought stocks that had been left behind the latest rally,” said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.
“These days, the stocks that lead the market’s gain rotate, which is a good sign for the market’s further gains,” he said.
On Thursday, the nonferrous metals sector jumped 3.24 per cent, becoming the biggest percentage gainer among the Tokyo Stock Exchange’s 33 industry sub-indexes.
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Sumitomo Metal Mining surged 11.3 per cent, the biggest percentage gainer on the Nikkei.
Energy sectors rose after oil prices touched a seven-week high on Wednesday, with the refiners rising 1.82 per cent.
The utility sector rose 1.36 per cent, with Tokyo Electric Power jumping 5.24 per cent.
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Energy explorers rose 1.52 per cent, with Inpex gaining 0.94 per cent.
Shares of Okinawa-based beer maker Orion Breweries were priced at 1,863 yen in its market debut, more than twice the IPO price of 850 yen.
The shares rose to as high as 2,262 yen before closing at 1,950 yen, 4.66 per cent higher than the IPO price.
IwaiCosmo’s Arisawa said that while there is demand for buying on a dip, investors sold stocks that had gained in recent sessions.
Chip-testing equipment maker Advantest, one of the stocks that led the Nikkei’s rally, fell 2.43 per cent to become the biggest drag on the Nikkei.
Of more than 1,600 stocks trading on the TSE’s prime section, 63 per cent rose and 31 per cent fell, and 4 per cent were little changed. REUTERS
