(MENAFN) Tokyo stocks closed higher on Monday as investors leaned towards buying, anticipating a market rebound, despite the drag from a decline in U.S. high-tech stocks over the weekend.
The Nikkei Stock Average, Japan's benchmark index, concluded the day up by 1 percent, or 370.26 points, at 37,438.61, showcasing a resurgence from Friday's sharp drop which had seen it hit its lowest level in almost two months. Similarly, the broader Topix index saw gains, closing 1.38 percent, or 36.14 points, higher at 2,662.46.
Market observers highlighted that short-term sellers appeared to be reentering the market, contributing to the upward momentum after the previous session's significant downturn. Stocks in sectors such as electricity, gas, steel, and banks saw notable gains, with concerns over Middle East tensions alleviating, thus prompting increased investor confidence. Additionally, companies in the air and land transportation sectors experienced positive movements, driven by expectations of a rebound in passenger demand.
However, semiconductor-related stocks, including Tokyo Electron and Advantest, continued their downward trend in line with losses observed in U.S. tech stocks.
Among gainers in the top-tier Prime Market were shares associated with services, food, and retail businesses, reflecting a broader optimism in certain sectors despite the mixed performance across the market.
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