Japan Stocks rebound on bargain hunting

Japan share market finished session higher on Monday, 01 March 2021, as investors sought to buyback oversold issues following the market's hefty loss late last week and Japanese figures showed the fastest growth in two years.

At closing bell, the 225-issue Nikkei Stock Average advanced 697.49 points, or 2.41%, to 29,663.50. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 37.99 points, or 2.04%, to 1,902.48.

Tokyo Electron, Advantest and other semiconductor-related issues attracted hefty buying, thanks to a rise in the U.S. SOX Philadelphia semiconductor index Friday. Job information service provider Recruit Holdings advanced 3.8%, thanks to news reports that the company sold its registered headquarters building in Tokyo. On the other hand, travel-related issues, such as travel agency H.I.S. and railway operator JR West, succumbed to profit-taking in the wake of their rises last week.

In economic news, Japan Manufacturing PMI Climbs To Expansion In February - Japan manufacturing sector climbed into expansion territory in February, the latest survey from Jibun Bank revealed on Monday with a 22-month high manufacturing PMI score of 51.4. That's up from 49.8 in January and it moves above the boom-or-bust line of 50 that separates expansion from contraction. Individually, output and new orders expanded modestly, while input prices rose at their fastest pace in two years. At the same time, employment levels continued to decrease in February, although the pace was softer than that seen in the previous month and marginal overall. Positive sentiment reached its strongest level since July 2017.

CURRENCY NEWS: The Japanese yen traded at 106.56 per dollar, weaker than levels below 105.6 against the greenback seen last week.

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