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Nikkei gains ground

Thursday, August 07 09:53:47

Japan's Nikkei share average snapped a five-day losing streak on Thursday after sources told Reuters that Japan's massive Government Pension Investment Fund (GPIF) was planning to invest more in domestic stocks.

The Nikkei gained 0.5 percent to 15,232.37 points after falling earlier to 15,061.99, its lowest since June 30, on a stronger yen and geopolitical concerns. The $1.24 trillion pension fund, the world's largest, plans to allocate over 20 percent of its funds to domestic stocks compared with a current 12 percent target as it aims to generate higher returns for the country's ageing population, sources said. The broader Topix rose 0.6 percent to 1,258.12, and the new JPX-Nikkei Index 400 climbed 0.5 percent to 11,452.78. (Reuters)

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