Tokyo: Stocks rebound to close higher

[TOKYO] Tokyo stocks closed higher on Thursday (Mar 24), rebounding from earlier losses as some investors adjusted their positions near the end of the financial year.

The benchmark Nikkei 225 index ended up 0.25 per cent, or 70.23 points, at 28,110.39, while the broader Topix index rose 0.14 per cent, or 2.86 points, to 1,981.56.

"Even as uncertainties over Ukraine continue, the market was seemingly affected by end-of-financial-year factors such as purchases of dividends and buying back after having sold to hedge big losses," said Hideyuki Suzuki, senior analyst at SBI Securities.

It was the market's eighth consecutive gain, its best performance since September.

But that "doesn't necessarily mean market sentiment has improved", Suzuki said, adding that the largest market-moving factor remains the war in Ukraine.

The dollar fetched 121.43 yen, against 121.12 yen in New York late Wednesday.

Toshiba ended down 0.5 per cent at 4,761 yen after the embattled conglomerate said its shareholders voted against a proposal to split the company into 2.

The non-binding result dealt a fresh blow to management who had been hoping to shore up support ahead of a final vote next year on the plan to spin off its electronic devices unit.

Toyota rose 2.95 per cent to 2,200 yen while Honda was down 1.55 per cent at 3,439 yen.

Oil developer Inpex jumped 1.98 per cent to 1,491 yen and Sumitomo Metal Mining rallied 3.35 per cent to 6,439 yen, reflecting the soaring price of natural resources. AFP