TOKYO, March 11 (Reuters) - Japanese shares inched higher on
Thursday as investors picked up beaten-down cyclical stocks
while cutting their positions in some index heavyweights.
The Nikkei index .N225 was up 0.49% at 29,179.43 by 0208
GMT, while the broader Topix .TOPX edged up 0.27% to 1,924.83.
"Growth-related shares have helped the market, but a
sell-off in index heavyweights has also weighed," said Koichi
Kurose, chief strategist, Resona Asset Management.
The Nikkei had rallied to a 30-year high last month on
expectations of an economic rebound and better-than expected
corporate earnings.
On Thursday, chip-related shares fell, with Tokyo Electron
8035.T declining 1.72% and Advantest 6857.T losing 0.72%.
Both the stocks weighed on the benchmark Nikkei index, along
with medical equipment maker Terumo 4543.T and drug maker
Astellas Pharma 4503.T , losing 1.24% to 2.31%.
Shipping firms jumped, making them the largest gainers on
the Nikkei, with Kawasaki Kisen 9107.T surging 9.11%, Mitsui
OSK Lines 9104.T gaining 8.35% and Nippon Yusen 9101.T
rising 6.67%.
The largest percentage losers on the index were Isuzu Motors
7202.T , down 4.21%, followed by Alps Alpine 6770.T , losing
2.83% and Bridgestone 5108.T down 2.37%.
Among the top 30 core Topix names, Recruit Holdings
6098.T , up 1.77%, and Mitsui & Co 8031.T , which rose 1.26%,
gained the most. The underperformers were Murata Manufacturing
Co 6981.T , down 3.56%, and Keyence 6861.T that fell 2.89%.
There were 154 advancers on the Nikkei index against 67
decliners.