Nikkei rises more than 1.5 pct on short-covering; BOJ buying helps mood

miércoles 1 de abril de 2015 22:23 GYT
 

* BOJ bought ETFs worth 35.2 bln yen on Wednesday
    * Olympus dives to near 1-month low after Sony halves stake
    * Mobile application providers jump after Nikkei says Line
files 2nd time to go public

    By Ayai Tomisawa
    TOKYO, April 2 (Reuters) - Japan's Nikkei share average rose
more than 1.5 percent on Thursday morning, rebounding from
Wednesday's three-week low,  helped by short-covering and hopes
that the central bank is buying stocks.
    The Nikkei benchmark added 296.42 points to
19,331.26 in mid-morning trade. As of Wednesday, the benchmark
dropped 3.6 percent from its 15-year high closing level of
19,754.36 hit last week.
    "Hedge funds are seen covering their short positions as the
Nikkei fell sharply this week," said Norihiro Fujito, senior
investment strategist at Mitsubishi UFJ Morgan Stanley
Securities. "But they are short-term investors, so whether the
gains are sustained throughout the day is uncertain."
    Traders noted hopes that the Bank of Japan will buy stocks
during periods of market weakness were supporting sentiment.    
    Central bank data showed that it bought 35.2 billion yen
worth of exchange traded funds (ETF) on Wednesday, when the
market fell to a three-week low.
    The positive sentiment offset Wall Street's drop after
weaker-than-expected data spurred concerns over economic growth
ahead of Friday's jobs report.
    Banking shares were higher as investors bought back from the
recent falls, with Mizuho Financial Group rising 1.7
percent and Sumitomo Mitsui Financial Group gaining 2.4
percent.
    Mobile application providers soared after the Nikkei
business daily said messaging app developer Line filed a second
application in Tokyo to go public, with an eye on an initial
public offering as early as this year. 
    Internet advertising services provider Adways Inc 
jumped 15 percent, e-book company Media Do Co soared 10
percent and gaming content provider Ateam Inc surged
8.5 percent.
    Olympus Corp, however, tumbled 5.8 percent to a
near one-month low after Sony Corp halved its stake in
the camera and endoscope maker to raise funds for a
restructuring drive. Sony rose 2.8 percent. 
    The broader Topix gained 1.6 percent to 1,553.49 and
the JPX-Nikkei Index 400 added 1.7 percent to
14,126.90.