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Nikkei Gains as SoftBank, Uniqlo owner Rebound

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TOKYO, July 6 Reuters Japans Nikkei ended modestly higher on Tuesday as shares of SoftBank Group and Fast Retailing rebounded, although worries over a potential spike in coronavirus infections during the Olympics limited gains.

The Nikkei share average closed 0.16 higher at 28,643.21, giving up earlier gains of 0.5. The broader Topix gained 0.28 at 1,954.50.

Techstartup investor SoftBank Group rose 1 and Uniqlo clothing chain operator Fast Retailing added 0.45, while airconditioner maker Daikin Industries rallied 2.6, following sharp declines on Monday.

The Nikkei had slid more than 0.6 in the previous session after a rise in COVID19 cases in Tokyo over the weekend.

It looks like there is some buying back of shares after yesterdays selloff, said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.

There will soon be a big influx of athletes and media from around the world for the Olympics, and investors worry there could be a spike in infections, which is capping any rise in Japanese stocks.

Japans government is likely to decide on Thursday to extend a state of quasiemergency in Tokyo and three nearby prefectures beyond an original enddate of July 11.

Industrial machinery manufacturer Hitachi Zozen was the biggest percentage gainer on the Nikkei, rising 4.2, while the biggest percentage loser was packaging container maker Toyo Seikan Group Holdings, which suffered a 4.1 decline.

Among sectors, air transport gained the most on the…

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