Monday November 17, 06:23 AM
Nikkei edges up despite GDP as pension funds buy
TOKYO, Nov 17 (Reuters) - Japan's Nikkei (news) average gained 0.7
percent on Monday despite data showing the world's
second-largest economy has slipped into recession, with
buying
by public pension funds boosting shares across the board.
Investors snapped up so-called defensive shares such as
Takeda Pharmaceutical Co (Berlin: TKD.BE - news) , which are seen as resilient
in the face of global economic uncertainty, while Honda Motor Co (Stuttgart: 853226 - news) rose after business weekly Barron's said it would be a
big winner once the turmoil subsides.
The benchmark Nikkei gained 60.19 points to 8,522.58
after earlier rising more than 3 percent. The broader Topix rose 0.4 percent to 850.49.
Gross domestic product (GDP) data released before the open
showed that Japan's economy shrank 0.1 percent in the third
quarter for its second straight quarter of contraction.
(Reporting by Elaine Lies)
|
|
|
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
