Japan’s Nikkei share average edged higher on Thursday as buyers looked for bargains on shares which were beaten down heavily early in the week, but gains were cautious as investors feared further wild volatility in global markets. The Nikkei gained 0.2 per cent to 21,694.90 points by midmorning, but has still lost nearly 7 per cent so far this week, Reuters reports.
Automakers, glassmakers and pharmaceutical stocks led gains, while food, utility and metal stocks lost ground. Toyota Motor Corp rose 2.2 per cent, Honda Motor Co advanced 0.7 per cent, Asahi Glass soared 4.0 per cent and Takeda Pharmaceutical added 1.2 per cent. Condiment maker Ajinomoto shed 1.2 per cent, Tokyo Electric Power Co and Chubu Electric Power Co both declined 1.0 per cent, and Mitsubishi Materials slid 0.9 per cent and Toho Zinc stumbled more than 8 per cent. The broader Topix rose 0.4 per cent to 1,756.01.