Nikkei rises 1% as investors flock to cheap technology stocks

Japan’s Nikkei index closed higher by one percent on Tuesday as investors sought to snipe declining technology shares, as well as stocks receiving support from rising Asian stocks and US futures.

The Nikkei rose 1.03 percent to close at 26,423.47 points. The broader Topix index rose 0.5 percent to 1,879.12 points.

Shares of Fast Retailing, owner of fashion retailer Uniqlo, jumped 4.33 percent, giving the Nikkei index the biggest boost on Tuesday. The SoftBank Investment Group index rose 1.8 percent, and chip maker Tokyo Electron rose 0.38 percent.

Rakuten Group gained 1.62% after the e-commerce company said it had applied to list its online banking unit on the Tokyo Stock Exchange.

Shipping stocks fell, with Kawasaki Kesen Kaisha dropping 4.51 percent and Mitsui OSK Lines down 2.75 percent, becoming the biggest loser on the Nikkei index.