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Japanese shares regain lost ground as growth stocks back in focus

Published 06/10/2020, 11:39 AM
Updated 06/10/2020, 11:40 AM
© Reuters.

TOKYO, June 10 (Reuters) - Japanese shares clawed back lost
ground to end the morning trade almost flat on Wednesday as
investors rushed to buy growth and start-up stocks on continued
hopes of a swift recovery from an economic contraction sparked
by the coronavirus crisis.
The Nikkei share average .N225 edged up 0.1% at 23,115.22,
while the broader Topix .TOPX lost 0.07% to 1,627.35. Earlier
in the session, the benchmark index dropped as much as 0.83%.
Both indexes hovered near three-month peaks touched earlier
this week.
The rebound came in tandem with gains in U.S. stock futures
as hopes of economic recovery after a sharp downturn due to
shutdowns continued to underpin the mood.
Takara Bio 4974.T rose 17.5%, by daily limit, to a
seven-year high after the Japanese biotechnology firm said it
has developed a method to speed up PCR tests for COVID-19.
The parent company Takara Holdings 2531.T was the best
performer in the Nikkei, with gains of 7.8%.
Growth-oriented shares, which have high valuations because
of strong growth expectations, are making a comeback, with the
Topix Growth index .TOPXG rising 0.3%. Topix value .TOPXV
shed 0.5%.
Among growth shares, Shin-Etsu Chemical 4063.T rose 2.0%,
Astellas Pharma 4503.T gained 2.0% and Recruit Holdings
6098.T added 1.3%, while Sony 6758.T rose 0.8%.
Shares in the Tokyo Stock Exchange's Mothers start-up market
also outperformed, with its index .MTHR rising 1.6% after
hitting a 1-1/2-year high. On the other hand, many of value shares - those with
relatively cheap valuations - underperformed following stellar
gains in the past couple of weeks.
Constructors .ICONS.T fell 1.1% with Shimizu Corp 1803.T
dropping 3.1% and Taisei Corp 1801.T losing 2.6%.
Steelmakers .ISTEL.T dropped 1.6%, while insurance
companies .IINSU.T lost 1.3%, not helped by fall in U.S. bond
yields.

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