Nikkei hits highest close in 6 weeks, financials gain
News On Japan via Reuters -- Jun 28
Japan's Nikkei share average rose 1.7 percent on Thursday to its highest close in six weeks, helped by short-covering as the quarter-end neared, although it was still on track for the worst quarterly performance in two years.
The Nikkei .N225 was up 143.62 points at 8,874.11, its highest close since May 17 but holding below its 200-day moving average at 8,940.91.
"The main driver is short-covering. Over the past couple of months, foreign investors have accumulated large short positions," said Yasuo Sakuma, portfolio manager at Bayview Asset Management.
Banks and insurers were some of the strongest gainers, with Mitsubishi UFJ Financial Group (8306.T) up 2.8 percent as the second most-traded stock by turnover on the main board. Insurer Tokio Marine Holdings Inc (8766.T) climbed 2.9 percent.
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