Japanese stocks gain after 3 days of decline, Omicron worries weigh

TOKYO, Dec. 1 (Reuters) – Japanese stocks rose on Wednesday after three consecutive sessions of strong losses, with stocks in paper and pulp, shipping and autos leading the rebound, although uncertainties about the impact of the Omicron coronavirus variant weighed on market sentiment.

The Nikkei stock average (.N225) rose 0.8% to 28,040.35 at 0153 GMT after falling 0.8% earlier in the session. The wider Topix (.TOPX) also reversed early losses to gain 0.62% to 1,940.43. The Nikkei has lost 5.7% in the last three sessions, while the Topix is ​​down 4.8%.

The market is volatile as investors react cautiously to uncertainties about the Omicron variant, said Shoichi Arisawa, managing director of the investment research department at IwaiCosmo Securities.

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“But once we know what the new Omicron variant is, investors will calm down even if it turns out to be a strong enemy,” he said.

The economically sensitive paper and pulp (.IPAPR.T) and shipping (.ISHIP.T) sectors increased the most among the 33 industrial sub-indexes of the stock market.

The biggest contributors to the Nikkei’s gain were robotmaker Fanuc (6954.T) and air conditioner maker Daikin Industries (6367.T), up 4.7% and 3.8%, respectively.

Automakers (.ITEQP.T) rose after data showed Japan’s industrial production increased in October for the first time in four months, as the reopening of Asian factories eased supply constraints. Read more

Toyota Motor (7203.T) gained 3.5%, while Honda Motor (7267.T) gained 2.58%. Auto parts maker Denso (6902.T) was up 2.63%.

Tech heavyweights fell, with startup investor SoftBank Group (9984.T) slipping 1.96% and medical services platform M3 (2413.T) losing 1.37%.

Seiko Epson (6724.T) gained the most on the Nikkei with a gain of 4.81%, followed by Oji Holdings (3861.T), which added 4.57%, and TOTO (5332.T), in 4.57% increase.

CyberAgent Inc (4751.T), down 3.25%, was the index’s biggest loser, followed by Z Holdings (4689.T), which slipped 3.16%, and Ajinomoto (2802 .T), down 2.32%.

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Editing by Subhranshu Sahu

Our Standards: Thomson Reuters Trust Principles.

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