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Japanese shares inch up, trade concerns cap gains


Reuters


By Shinichi Saoshiro

TOKYO, Dec 7 (Reuters) - Japan's Nikkei share average snapped a three-day losing streak on Friday, drawing some relief after Wall Street shares clawed back some of their sharp losses.

Wider gains were capped, however, by resurgent concerns about the U.S.-China trade conflict and caution ahead of the U.S. non-farm jobs report due later on Friday.

"The bounce in U.S. shares has helped, but the overall situation has not changed much. There are still trade issues the market has to worry about," said Yoshinori Ogawa, senior strategist at Okasan Securities.

"The market has been moving up and down, tracking the ebb and flow in U.S.-China trade tensions, and is likely to remain unstable next week."

Fujitsu Ltd advanced 3.3 percent and NEC climbed 2.7 percent on expectations telecommunications equipment demand would increase after the Japan said it plans to ban government equipment purchases from China'sHuawei Technologies Co Ltd [RIC:RIC:HWT.UL] and ZTE Corp,.

Yamato Holdings rose 2.8 percent after the transport service company announced its delivery of small parcels increased 3.6 percent in November from the year before.

Textile company Kurabo Industries Ltd surged 7.6 percent after the Nikkei business daily reported that internet clothing retailer ZOZO Inc will use threads made by Kurabo for their brand of underclothing.

Petroleum product majors Inpex Corp and Japan Petroleum Exploration Co fell 1.9 percent and 2.8 percent, respectively, as crude oil prices slumped on OPEC's decision to delay a final decision on output cuts.

Oil refiners Idemitsu Kosan and Showa Shell Sekiyu KK lost 4.7 percent and 4.4 percent, respectively.

The Tokyo Stock Exchange's (TSE) oil and coal subindex fell 3.4 percent, leading the decliners.

The broader Topix inched down 0.03 percent to 1,610.11.

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This article appears in: Stocks , World Markets , Politics



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