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Tokyo: Stocks rebound more than 3% on bargain-buying

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[TOKYO] Tokyo stocks rebounded more than three per cent on bargain-buying on Wednesday afternoon following a global equities rout, but heavyweight Japan Tobacco plunged as investors dismissed its US$5.0 billion purchase of a US-based cigarette brand as too pricey.

The benchmark Nikkei 225 index at the Tokyo Stock Exchange rose 3.06 per cent, or 518.11 points, to 17,448.95 in the last hour of trading, while the broader Topix index of all first-section shares was up 3.10 per cent, or 42.68 points, to 1,418.20.

Japan Tobacco was 7.3 per cent lower in late trade.

AFP