TOKYO, June 27: Japan’s Nikkei average broke a three-session losing run on Wednesday, as investors snapped up construction and real estate shares on expectations they would benefit from a surge in housing demand ahead of a sales tax increase in 2014.
The construction and real estate sectors were also likely to be more insulated from further fallout from the euro zone sovereign debt crisis.
But gains were capped by a number of companies, including Canon Inc, Honda Motor Co Ltd and Bridgestone Corp, trading ex-dividend, meaning buyers of the stock from Wednesday onwards will not be entitled to receive dividends.
The Nikkei closed 0.8 percent higher at 8,730.49, breaching above 8,714.78, the 23.6 percent retracement of its fall from March 27 to June 4, but staying below its five-day moving average at 8,750.30.
The broader Topix index advanced 0.9 percent to 745.48. (AGENCIES)
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