TOKYO, April 15 (Xinhua) -- Tokyo stocks ended marginally higher Thursday as investors refrained from making bold moves ahead of earnings reports from major Japanese firms, while ongoing concerns about rising COVID-19 cases capped the market's upside.
The 225-issue Nikkei Stock Average edged up 21.70 points, or 0.07 percent, from Wednesday to close the day at 29,642.69.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, rose 6.95 points, or 0.36 percent, to finish at 1,959.13.
Investors sought out financial and mining issues that followed their U.S. peers higher overnight in Tokyo trading, as well as cyclical issues in line to benefit from a global economic rebound, traders here said.
"Mining and oil-related issues were higher following overnight rises in U.S. crude oil futures, and shipping firms were bought back after recent losses, but most investors were restrained ahead of the earnings reporting season starting next week," Maki Sawada, a strategist at Nomura Securities Co.'s Investment Content Department, was quoted as saying.
Analysts added that, ahead of a slew of corporate earnings reports due here, gains were capped by the increasing COVID-19 cases in the country.
Investor concerns are growing over the possibility of more restrictions being placed on people's movements and activities as virus cases continue to soar around the country, market strategists said.
They pointed to the western prefecture of Osaka reporting a daily record of 1,208 coronavirus cases on Thursday, while new infections in Tokyo hit a more than two-month high at 729.
"There are concerns about the economic slowdown in Japan due to a resurgence of the virus, but investors are looking at the economic sensitive stocks that would benefit from foreign demand," Norihiro Fujito, chief investment strategist, Mitsubishi UFJ Morgan Stanley Securities, was quoted as saying.
As to Liberal Democratic Party (LDP) Secretary-General Toshihiro Nikai saying canceling the Tokyo Olympics may be an option if the COVID-19 situation worsens, traders said the market shrugged off the remark and all downside factors, including the games' cancellation.
"The economic impact of the Olympic Games is seen as likely to be limited with organizers having banned overseas spectators," Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities Co., said.
"The market had priced in that even if the Olympics were canceled or postponed, it would not have a big minus impact on the economy," Fujito added.
By the close of play, marine transportation, mining and oil and coal product-linked issues comprised those that gained the most.
Financial issues finding favor included Mitsubishi UFJ Financial Group adding 1.3 percent, while Mitsui Financial Group rose 1.6 percent. Nomura Holdings, meanwhile, ended the day 2 percent higher.
Cyclical issues advancing on hopes for a global economic recovery included shipping firms, with Mitsui O.S.K. Lines rising 2.8 percent, Kawasaki Kisen gaining 3.4 percent, and Nippon Yusen jumping 4.4 percent.
Technology-oriented issues followed their U.S. peers lower overnight, with Advantest dropping 2.6 percent, Tokyo Electron closing 1.9 percent lower, while Screen Holdings lost 3.0 percent.
Issues that rose outpaced those that fell by 1,259 to 845 on the First Section, while 87 ended the day unchanged.
On the main section on Thursday, 941.38 million shares changed hands, dropping from Wednesday's volume of 1,036.28 million shares.
The turnover on the penultimate trading day of the week came to 2,020.00 billion yen (18.57 billion U.S. dollars). Enditem