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Tokyo's Nikkei snaps six-day losing streak on bargain-hunting

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[TOKYO] Tokyo's benchmark Nikkei index rose on Monday, snapping a six-day losing streak, although investors remained vigilant about a possible escalation in the US-China trade war.

The benchmark Nikkei 225 index gained 0.30 per cent or 66.03 points to close at 22,373.09, while the broader Topix index was up 0.20 per cent or 3.30 points at 1,687.61.

Tokyo shares initially opened fractionally lower, extending falls on Wall Street last week.

But they ended in positive territory "as bargain-hunting emerged following the recent loss", said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

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"But buying sentiment is not strong as concerns over the US-China trade war are weighing on the market," Mr Horiuchi told AFP.

"Nervous trading is expected to continue for now," he added.

The dollar fetched 110.95 yen in Asian afternoon trade, down from 111.02 yen in New York late Friday, when world equities stumbled on worries over the US-China trade war after a threat of fresh tariffs by US President Donald Trump.

Sony rose 0.24 per cent to 6,245 yen and Nintendo gained 0.28 per cent to 38,640 yen.

Fast Retailing, the Uniqlo casual wear operator and market heavyweight, was up 0.16 per cent at 53,990 yen.

But electronic parts maker Rohm was down 1.15 per cent at 9,390 yen and chip testing devices maker Advantest slumped 2.41 per cent to 2,387 yen.

Toyota edged down 0.03 per cent to 6,594 yen, losing its early gains after it said it was preparing to resume production at its quake-hit plant in Hokkaido.

In New York on Friday, the Dow ended down 0.3 per cent with the Nasdaq also down 0.3 per cent.

AFP