2018-11-26
TOKYO (Reuters) - Japanese stocks rose on Monday, oblivious to US market losses, hitting their highest level in a week, with the bourse backing the choice of Osaka to host the World Expo.
 
The benchmark Nikkei <.N225> was up 0.76 percent at 2,812 points, gaining gains for a second straight session. The index rose briefly to 2,838.10 points, its highest level since November 19.
 
The broader Topix index <.TOPX> was up 0.2 percent at 1,632.20.
 
"The local equity market is showing some toughness recently, decomposing some of its ties with Wall Street," said Takashi Hiroki, chief analyst at Monix Securities.
 
"Market concentration is shifting towards local demand factors, and the most recent example is Osaka's hosting of the World Expo."
 
Earlier this week, the city of Osaka in western Japan won the hosting of the 2025 edition of the exhibition.
 
Shares of companies associated with the Osaka region, where the show is expected to provide significant economic support.
 
Nankai Electric, which operates in Osaka, rose 3.6 percent. Kamigumi, a logistics company in the city, rose 3.2 percent.
 
Obayashi, the Osaka-based construction company, rose 4.1 percent. The construction sector index rose 0.63 percent.