TOKYO, Sept 25 (Reuters) - Japan's Nikkei share average
rose on Thursday, as investors scooped up cheap shares, betting
on the potential for further market gains.
The Nikkei rose 0.2% to 45,719.71 by the midday
break, setting to mark a third straight session of gains if the
momentum holds.
The broader Topix rose 0.43% to 3,183.97.
"Investors bought stocks that had been left behind the
latest rally," said Shoichi Arisawa, general manager of the
investment research department at IwaiCosmo Securities.
"These days, the stocks that lead the market's gain rotate,
which is a good sign for the market's further gains," he said.
On Thursday, the nonferrous metals sector rose
2.42%, becoming the biggest percentage gainer among the Tokyo
Stock Exchange's (TSE) 33 industry sub-indexes.
Sumitomo Metal Mining ( STMNF ) surged 8.73%, the biggest
percentage gainer on the Nikkei.
Energy sectors rose after oil prices touched a seven-week
high on Wednesday.
The refiners rose 1.57%, with Eneos Holdings ( JXHGF )
and Cosmo Energy Holdings ( CEHCF ) 1.93% and 1.19%,
respectively.
Energy explorers rose 1.52%, with Inpex ( IPXHF )
gaining 1.42%.
Shares of Okinawa-based beer maker Orion Breweries
were untraded in the morning session of its market debut with
glut of buy orders. Strategists said its initial public price of
850 yen was cheap relative to its bigger competitors. It was
last bid at 1,800 yen.
IwaiCosmo's Arisawa said while there is demand for buying on
a dip, investors sold stocks that had gained in recent sessions.
Chip-testing equipment maker Advantest ( ADTTF ), one of the
stocks that led the Nikkei to mark a record high in the previous
session, fell 1.04% to become the biggest drag for the Nikkei
Of more than 1,600 stocks trading on the TSE's prime
section, 57% stocks rose and 37% fell, and 5% were little
changed.