Nikkei Gains as Glass Firms, Department Stores Shine on Upbeat Earnings

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TOKYO, April 13 Reuters Japanese shares rose on Tuesday, led by gains in stocks of glass product companies and department store operators after their robust earnings, though concerns about rising domestic COVID19 cases undermined travelrelated shares.

Nikkei share average rose 0.72 to 29,751.61, holding above key support levels from its 25day, and 50day moving average, at 29,503 and 29,440.

The broader Topix gained 0.20 to 1,958.55, but it moved in a tight range it has hugged over the past several sessions.

Todays moves were mostly reactions to individual earnings. Overall, the market does not have a clear sense of direction at the moment, as investors looked to whether the Fed will start communication about tapering its stimulus, said Nobuhiko Kuramochi, senior strategist at Mizuho Securities.

AGC rose 2.9, briefly hitting a 10year high, after the glass product maker revised up its earnings outlook and dividend forecasts. The results also bumped up rival Nippon Sheet Glass 6.8.

Takashimaya gained 4.3 after the department store chain operator announced a largerthanexpected profit in the current financial year after a dismal year hit by the pandemic.

That boosted shares of its competitors including J.Front Retailing and Isetan Mitsukoshi, which rose 4.0 and 1.7, respectively.

Hopes of vaccine rollouts also helped to underpin department store shares, but rising concerns about a surge in domestic COVID19 cases hit travelrelated sectors.

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