TOKYO: Most Japanese stocks rose, with the Topix index heading for its highest close in more than 11 weeks, as energy explorer Inpex Corp. triggered a rally in commodity producers, while paper makers declined.
The Topix climbed 0.3 percent to 1,593.38 as of 12:48 p.m. in Tokyo, taking to 16 percent its rally from an eight-month low in September. Two stocks rose for each that fell. Investors are awaiting data on Chinese industrial production and retail sales Wednesday for clues on the economic slowdown in Japan’s largest trading partner.
“Investors remain concerned about China,” said Chihiro Ohta, general manager of investment information at SMBC Nikko Securities Inc. in Tokyo. “There are some warning signs of technical overheating in Japan markets, so it’s likely the buying fever will cool today and stocks won’t move much.”
Some 54 percent of Topix firms that have reported quarterly results this earnings season topped projections, according to data compiled by Bloomberg on companies for which estimates were available.
