TOKYO: Japan’s Topix index rose for a fourth day as gains by drugmakers and food producers countered a drop by steel companies and financial shares.
Ono Pharmaceutical Co. jumped 11 percent to be the single biggest boost to the Topix index after Credit Suisse Group AG raised its investment rating on the stock. Alps Electric Co. surged 5 percent after the electronic parts maker was upgraded by Morgan Stanley. Sharp Corp. tumbled 3.5 percent after a report it plans to sell shares and seek investment from key lenders. Steel producer JFE Holdings Inc. slumped 3.6 percent as Nomura Holdings Inc. cut its rating on the stock. The Topix Banks Index dropped 0.5 percent after gaining for six weeks.
The Topix added 0.1 percent to 1,526.83 at the close in Tokyo, to again close at the highest level since December 2007. The Nikkei 225 Stock Average slipped 0.1 percent to 18,815.16. The yen strengthened 0.4 percent to 119.66 per dollar after three days of losses.
“Half of the investors are waiting for a pullback to buy and the other half are just buying,” said Andrew Clarke, director of trading at Hong Kong brokerage Mirabaud Asia Ltd. “The longer trend is up on earnings expectations, but in the near-term, because the market has done well, the expectation of some profit taking is normal and healthy.”
