Roundup: Nikkei climbs 1.08 pct as oil rebounds, pension fund boosts share allocation
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Roundup: Nikkei climbs 1.08 pct as oil rebounds, pension fund boosts share allocation
TOKYO, Feb. 26 (Xinhua) -- The Nikkei stock index added 1.08 percent Thursday, reversing the previous days losses and closing at a near 15-year high, as a firm U.S. dollar, rising oil prices and news Japan's public service pension fund will pump more funds into domestic stocks, lifted sentiment.
The Nikkei 225 index added 200.59 points from Wednesday to close the day at 18,785.79, marking its highest closing level since April2000, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange gained 14.06 points, or 0.93 percent, to end at 1,521.68.
Market players said that trading was steady throughout the day, fueled by overnight rises in crude futures, as investors were seeking fresh cues following Federal Reserve Chair Janet Yellen's testimony to congress ending on an equanimous note and Greece's debt woes largely put to bed for the time being, on Athen's vows to follow its new reform guidelines.
News from the Federation of National Public Service Personnel Mutual Aid Association (known as KKR), that it will boost its allocation for domestic stocks to 25 percent from 8 percent, when the appetite of some investors, brokers said, on hopes for further market demand.
But there was caution among some investors as analysts warned that perhaps the market had beed overbought following its overall recent winning streak of late.
"Japanese stocks have been overbought in the short term, and there's a lack of catalysts, so chasing prices higher will be difficult. On the other hand, it's difficult to sell when there's expectations of further excess liquidity," said Mitsushige Akino, an executive officer at Ichiyoshi Asset Management Co.
With the U.S. dollar steady at 118.95 yen, compared to 118.86 yen logged in New York, some exporters got a boost on favorable profit outlooks and the guarantee of increased profits when they' re repatriated from overseas.
Consumer electronics giant Sony jumped 2.03 percent to close at3,346 yen and Fujifilm advanced 0.33 percent, following initial results for its newly-developed Ebola drug called Avian proving it was effective if administered early enough in a patient's treatment.
Electronic component maker TDK advanced 2.1 percent to 8,180 yen, following reports it plans to build a new factory in Japan's northeast.
With oil prices rebounding, related issues found traction Thursday, with exploration firm index rising 3.3 percent to 1,446 yen, while Japan Petroleum Exploration Co. gained 2.8 percent to close at 4,085 yen.
Although rising oil prices are a negative for airline carriers due increased fuel costs, Japan Airlines closed in positive territory, rising 0.54 percent to end at 3,670 yen.
But utilities came under pressure with Shikoku Electric falling2.1 percent to 1,558 yen and Tokyo Electric Power Co., operator of the stricken Fukushima Daiichi facility, losing 0.6 percent to 474 yen, following revelations it knowingly withheld knowledge about a radioactive leak for almost a year.
Shipping lines were among the day's notable gainers, with Kawasaki Kisen leaping 4.7 percent to 359 yen and SoftBank rose for a fifth-straight day, adding 1.7 percent to 7,436 yen.
Trading volume on Thursday rose to 2.39 billion shares on the Tokyo Exchange's First Section, up from Wednesday's volume of 2.21 billion shares, with advancing issues outnumbering declining ones by 1,286 to 435. Enditem
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