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Nikkei hits 3-month closing high

Investors relatively bullish on the market

Reuters Tokyo

Japanese shares climbed to a three-month high on Monday following a solid US May jobs report, with investors rotating into growth-sensitive stocks from defensive ones.

The benchmark Nikkei gained 0.3% to 15,124.00, its highest closing level since March 11. The index has risen nearly 500 points, or 3.4%, over the past six trading days, raising concerns that the market may be overbought in the very near term.

But investors seem relatively bullish on the market, rotating into high beta shares - those with high volatility - from defensive shares. Real estate companies and warehouse and port operators were the top performing sectors on the day.

 

The broader Topix was little changed at 1,234.78 in thin trade, with only 1.42 billion shares changing hands, the smallest number since April 18.

The new JPX-Nikkei Index 400 was flat at 11,244.55.

 

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First Published: Jun 09 2014 | 1:22 PM IST

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