TOKYO, Nov 22 (Reuters) - Japan's Nikkei share average gave up losses to close higher on Monday as investors bought cheaper stocks, while concerns on return of COVID-19 restrictions in Europe capped gains.
The Nikkei share average (.N225) ended up 0.09% at 29,774.11, after losing as much as 0.68% earlier in the session. The broader Topix (.TOPX) slipped 0.34% to 2,042.82.
"The reverse of the Nikkei was a bit of a surprise," said Kentaro Hayashi, senior strategist at Daiwa Securities.
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"Investors bought the shares on dips as they had a second look at Japanese stocks, which are relatively cheap compared with the U.S. shares."
The Japanese market opened lower, tracking the previous session's fall in the Dow due to pandemic jitters.
Broader investor sentiment was also hit as Austria announced new restrictions to deal with rising infections, while there were fears Germany could follow suit. read more
The Nikkei changed its course after U.S. futures advanced in Asian trading hours. Heavyweight Uniqlo clothing store operator Fast Retailing (9983.T) rose 0.47% each.
Chip-related heavyweights Advantest (6857.T) and Tokyo Electron (8035.T) tracked the surge in the Nasdaq Composite Index (.IXIC) in the previous session, rising 0.96% and 0.35%, respectively.
Oil explorers (.IMING) weighed on the market as COVID-19 worries sent oil prices lower, with Inpex (1605.T) losing 4.47% and Japan Petroleum Exploration (1662.T) slipping 0.35%.
Shares that would benefit from an economic reopening fell, with airlines (.IAIRL.T) shedding 1.66% and railways (.IRAIL.T) losing 0.1%.
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Editing by Uttaresh.V
Our Standards: The Thomson Reuters Trust Principles.
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Japan's Nikkei reverses course to end higher, COVID-19 concerns cap gains - Reuters
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