Japan’s Nikkei stops 3-session losses and rises supported by buying declining stocks

The Japanese Nikkei index stopped a wave of losses that lasted for three consecutive sessions on Tuesday, October 24, and rose in a volatile session as investors bought distressed stocks when they fell.

The Nikkei rose 0.2% to close at 31,062.35 points after falling 1.4% earlier in the session.

The Nikkei rose 0.51% at the open, but changed course after NEDC shares declined following the electric motor manufacturer’s announcement that it would maintain its annual profit forecast despite the increase in quarterly revenue.

Markets remain in a state of anxiety fearing that the conflict between Israel and the Palestinian Islamic Resistance Movement (Hamas) will escalate into a broader war in the region.

As for individual stocks, Fast Retailing, which owns the Uniqlo department store chain, rose 1.74%, giving the Nikkei index the largest boost.

Softgroup Technology shares rose 1.68%.

Advantest, a manufacturer of chip-making equipment, recovered from losses incurred earlier in the session and ended trading up 0.63%.

NEDC shares fell 10.52%, becoming the worst performer on the Nikkei index.

The broader Topix index rose 0.09% to 2,240.73 points after touching the lowest level since June 8.