Japan's Topix falls as shares go ex-dividend; Nikkei gains

TOKYO, March 30 (Reuters) - Japan's Topix ended lower on
Tuesday, dragged down by stocks that went ex-dividend, while the
Nikkei inched up as investors bought back the benchmark after
its underperformance against Topix following the Bank of Japan's
decision to only buy Topix-linked exchange traded funds.
The Topix .TOPX lost 0.78% to close at 1,977.86, while
the Nikkei index snapped early losses to inch up 0.16% to end at
29,432.70.
"Overall the market was affected by the shares that went
ex-dividend," said Koichi Kurose, chief strategist, Resona Asset
Management.
"Investors who have bought the Topix since the Bank of
Japan's announcement earlier this month to only buy the
Topix-linked ETFs are now selling those and buying back the
Nikkei."
Topix heavyweights automaker Toyota Motor 7203.T fell
1.22%, while mobile phone operator KDDI 9433.T lost 3.11%.
Nikkei heavyweight Uniqlo clothing shop operator Fast Retailing
9983.T jumped 3.17%.
The banking and securities sectors retreated amid fears
that global banks could lose more than $6 billion from the
downfall of Archegos Capital. Mitsubishi UFJ Financial Group 8306.T fell 0.49%, Sumitomo
Mitsui Financial Group 8316.T and Mizuho Financial Group
8411.T slipped 0.96%, respectively.
Nomura Holdings 8604.T , which plunged 16% on Monday after
it flagged $2 billion in losses at a U.S. subsidiary, lost
0.66%.
The airline and shipping industry gained the most among the
33 sector sub-indexes on the Tokyo exchange, with ANA Holdings
9202.T jumping 3.49% and Japan Airlines 9201.T rising 2.53%.
Kawasaki Kisen 9107.T jumped 5.19% and Nippon Yusen 9101.T
gained 3.61%.
J.Front Retailing Co 3086.T , up 5.24%, was the top gainer
on the Nikkei index, followed by Kawasaki Kisen and CyberAgent
Inc 4751.T , up 4.04%.
Japan Post Holdings 6178.T , down 6.41 %, was the largest
percentage loser on the Nikkei, followed by KDDI, and Sumitomo
Corp 8053.T down 3.06%.
There were 89 advancers on the Nikkei index against 128
decliners.