December 13, 2016 / 6:48 AM / 2 years ago

Japanese stocks rise for 6th session as investors snap up domestic shares

TOKYO, Dec 13 (Reuters) - Japanese shares pared early losses to rise for six straight sessions on Tuesday, with support coming from likely buying by the Bank of Japan and as investors snapped up cheaper domestic demand-driven stocks.

The Nikkei rose 0.5 percent to 19,250.52, its highest close since Dec. 30 of last year. The broader Topix gained 0.6 percent to 1,540.25.

Investors bought drugmakers, retailers and food companies, rotating out of financials and exporters, which had led the initial market rally that began after the Nov. 8 U.S. elections.

Constructor shares rose to their highest levels since 1997, before the beginning of Japan’s prolonged economic downturn after the bursting of its asset bubbles.

On the other hand, shares of Japanese factory equipment maker SMC Corp fell after a short-selling research firm raised questions about the company’s accountings.

Electric motor maker Nidec Corp also dropped before ending almost flat after another research firm targeted the company’s valuations. (Reporting by Hideyuki Sano; Editing by Shri Navaratnam)

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