Tokyo stocks close higher on buybacks after recent decline

Tokyo, March 11 (Xinhua) -- Tokyo stocks closed higher MonDAY, bringing an end to the Nikkei's four-DAY losing streak, as investors bought back issues deemed cheap after their retreat last week on concerns over the global economic outlook.

The 225-issue Nikkei Stock Average added 99.53 points, or 0.47 percent, from FriDAY to close the DAY at 21,125.09.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 9.00 points, or 0.57 percent, to finish at 1,581.44.

Local brokers said that following the Nikkei relinquishing almost 4 percent during its four-DAY losing streak ending FriDAY, the market was lifted as investors bought back issues deemed comparatively cheap following their slide.

They added that the market mood was also buoyed by solid performances on other major Asian bourses, including those in Hong Kong and Shanghai.

Shingo Ide, chief equity strategist at the NLI Research Institute, said that previous concerns over the outlook of the global economy did not factor into play as much during trading hours on MonDAY.

"Excessive concerns over a possible slowdown in the world's economy somewhat receded in tandem with a firm rebound in Shanghai and Hong Kong shares," Ide was quoted as saying.

Gains were capped, however, as investors opted not to chase the market higher ahead of key economic data due out later this week, including U.S. retail sales and China's industrial output data.

By the close of play, electric power and gas, pulp and paper, and real estate-linked issues comprised those that gained the most, and issues that rose outpaced those that fell by 1,335 to 730 on the First Section, while 69 ended the DAY unchanged.

On the main section on MonDAY, 1,045.96 million shares changed hands, dropping from FriDAY's volume of 1,672.83 million shares.

The turnover on the first trading DAY of the week came to 1,841.8 billion yen (16.56 billion U.S. dollars).