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Buying affected stocks leads Japan’s Nikkei to rise

The Japanese Nikkei index closed higher on Tuesday, led by the blue-chip Fast Retailing, as investors rushed to buy shares affected by a global sell-off, with the US Federal Reserve repeating its stance of maintaining its hawkish policy of raising interest rates.
The Nikkei index closed up 0.53 percent at 2,6571.87 points, rebounding from its two-month low during the previous session. The broader Topix index rose 0.47% to 1837.01 points.
A market participant at a local brokerage said the market quickly regained momentum after a global sell-off in the wake of the Fed’s policy tightening.
Shares of Fast Retailing, owner of Uniqlo clothing stores, rose 0.88 percent to provide the biggest boost to the Nikkei index, followed by the share of employment agency Recruit Hollings, which jumped 2.67 percent.
On the other hand, the shares of Tokyo Electron Chip Equipment Co. and KDDI Communications Co. declined 0.85 percent and 1.25 percent, respectively, which negatively affected the index.
Shares of Konami Games Inc. rose 4.01 percent and was the best performer on the Nikkei index, followed by machinery equipment company Hitachi Zosen 3.86 percent.
(Reuters)

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