October 17, 2018 / 2:41 AM / a month ago

Nikkei hits 6-day high as tech shares track U.S. gains

* Nikkei up 1.59 pct, on track for 2nd straight day of gains

* Tech shares receive boost from rebound by Wall St peers

By Shinichi Saoshiro

TOKYO, Oct 17 (Reuters) - Japan's Nikkei share average hit a six-day high on Wednesday, continuing its recovery from last week's sharp downturn with technology stocks supported by a turnaround in their Wall Street peers.

The Nikkei was up 1.59 percent at 22,907.73 after touching 22,959.41, its highest since Oct. 11. The index was on track for its second straight day of gains following a descent to a five-week low on Monday.

"The Nikkei appears to have bottomed out. The latest tumble was not driven by convincing factors - the market may have needed to adjust after its sharp rally and upcoming corporate earnings should provide evidence of solid economic fundamentals," said Soichiro Monji, senior economist at Daiwa SB Investments.

The Nikkei had soared to a 27-year high on Oct. 2, before being dragged down by Wall Street's tumble.

U.S. stocks surged more than 2 percent on Tuesday, rebounding from the recent sell-off, lifted by the technology sector, robust corporate earnings and upbeat economic data.

Japan's technology shares tracked their U.S. counterparts, with Tokyo Electron rising 3.6 percent, Screen Holdings gaining 3.9 percent and Advantest Corp adding 3.7 percent.

Exporters also rose as the yen retreated from a five-week peak versus the dollar.

Toyota Motor Corp climbed 1.4 percent, Honda Motor Co advanced 0.8 percent and Panasonic Corp gained 2 percent.

SoftBank Group Corp rose 2.9 percent following a report that ride-hailing company Uber Technologies Inc could be valued at $120 billion when it finally goes public next year.

SoftBank is Uber's largest shareholder and its shares had sunk at the start of this week on investor concerns over its ties to Saudi Arabia.

Nojima Corp soared more than 15 percent after the chain store operator of electric appliances raised its net profit forecast for the six months through September 2018 to 7.2 billion yen ($64.09 million) from 6 billion yen on factors including strong sales of air conditioners during the summer heat wave.

The broader Topix gained 1.53 percent to 1,713.79 with all but two of its 33 subsectors in positive territory. ($1 = 112.3500 yen) (Editing by Sam Holmes)

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