September 12, 2019 / 2:16 AM / a month ago

Japanese shares gain on trade detente hopes; Topix hits 4-month top

TOKYO, Sept 12 (Reuters) - Japanese shares rose on Thursday, with the Tokyo Stock Exchange’s Topix index hitting a four-month high, as signs of a thaw in U.S.-China trade frictions lift cyclical stocks such as machine makers.

The Nikkei share average rose 0.89% to 21,789.46, while the broader Topix gained 0.73% to 1,595.22, hitting its highest since early May.

U.S. President Donald Trump said on Wednesday Washington has agreed to delay increasing tariffs on $250 billion worth of Chinese imports by two weeks after Beijing said it would exempt 16 types of U.S. products from import tariffs.

Shares of cyclical companies such as manufactures of semiconductor and robotics, which are seen as closely dependent on demand in China, rose sharply.

Fanuc Corp rose 2.2% and Keyence Corp gained 1.4%. Advantest gained 4.4% and Tokyo Electron climbed 3.3% to a 15-month high.

The reversal of value-oriented stocks, such as banks and automakers, that had dominated the market until Wednesday ran out of steam. Growth stocks led gains with a rise of 0.8%, versus a 0.5% increase in value stocks.

Banking shares fell 0.3% after having risen more than 10% in the previous five sessions. Transport equipment shares, which had risen more than 8% in the last five sessions, were up 0.3%.

Online fashion retailer Zozo Inc rose 15.1%, having gained as much as 18.9% at one point, after Yahoo Japan Corp said it aimed to buy 50.1% of its stake. Yahoo Japan Corp rose 2.4%.

Elsewhere, Dai Nippon Printing Co Ltd advanced 8% after the company announced share buyback of up to 60 billion yen, or 9.94% of its outstanding shares. (Editing by Subhranshu Sahu)

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