TOKYO, Dec 20 (Reuters) – Japanese shares rose on Tuesday as investors scooped up stocks after the benchmark Nikkei fell to a six-week low in the previous session, although heavyweight technology stocks tracked their U.S.peers lower and limited gains in the benchmark index.
By 0213 GMT, the Nikkei share average was up 0.3% at 27,320.85, after losing for three straight sessions. The broader Topix had gained 0.43% to 1,943.72.
«The market fell to a level where we can feel comfortable in buying,» said Jun Morita, general manager of the research department at Chibagin Asset Management.
Wall Street closed lower overnight for a fourth straight session with Nasdaq leading declines as investors shied away from riskier bets, worried the Federal Reserve’s tightening campaign could push the U.S.economy into a recession.
Uniqlo brand owner Fast Retailing rose 1.09% and lifted Nikkei the most. Wafer maker Shin-Etsu Chemical gained 0.9% and soy sauce maker Kikkoman climbed 1.62%.
Kawasaki Kisen jumped 4.99% to become the top gainer in the Nikkei after local media reported the shipping company’s plans to boost its dividend payouts.
The news lifted the shipping sector up 2.65%, making it the best performer among the 33 industry sub-indexes on the Tokyo Stock Exchange.
Insurers and banks rose 1.69% and 1.31%, respectively.
Chip-making equipment maker Tokyo Electron fell 0.79% and was the biggest drag in the Nikiei.Online medical service platform M3 lost 1.85% and game maker Sony Group slipped 0.88%.
There were 162 advancers in the Nikkei index against 57 decliners. (Reporting by Junko Fujita; Editing by Sherry Jacob-Phillips)