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Nikkei bounces after six-day losing streak, SoftBank gains
November 16, 2017 / 1:38 AM / in a month

Nikkei bounces after six-day losing streak, SoftBank gains

TOKYO, Nov 16 (Reuters) - Japan’s Nikkei share average rose on Thursday as buyers stepped back in for bargains following six straight days of losses, with SoftBank gaining after a report that it plans to invest as much as $25 billion in Saudi Arabia.

The Nikkei was up 0.6 percent at 22,176.87. Taking its cue from weakness on Wall Street overnight the index slipped to a 16-day low of 21,972.34 after the opening bell before bouncing back.

Of Tokyo’s 33 subindexes, 17 gained. The losing subindexes were led by oil and coal products which declined 1.65 percent amid the recent drop in prices of commodities like crude oil.

SoftBank Group Corp rose as much as 2.1 percent after Bloomberg reported that the tech and telecoms firm plans to plough around $15 billion in a new business and industrial city called NEOM and its Vision Fund would invest around $10 billion in state-controlled Saudi Electricity Co.

Cosmetics maker Shiseido Co jumped 3 percent to a record high 5,213 yen after Goldman Sachs raised its rating on the company to “buy” from “neutral.”

The broader Topix added 0.3 percent to 1,748.88.

Reporting by Shinichi Saoshiro; Editing by Shri Navaratnam

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