Nikkei hits 5-1/2-wk high as Olympics-related plays keep rallying
* Nikkei, Topix both rise 1.2 pct * Olympic-related shares continue to attract buyers * Underlying tone is bullish - trader By Tomo Uetake TOKYO, Sept 10 (Reuters) - Japan's Nikkei share average rose to a 5-1/2-week high on Tuesday morning as companies expected to benefit from the 2020 Summer Olympics continued to draw investor, with a positive lead from Wall Street also boosting sentiment. The benchmark Nikkei was up 1.2 percent at 14,372.52 in mid-morning trade, after rising to 14,410.97, a level not seen since Aug. 2. On Monday, the index climbed 2.5 percent to a five-week high, buoyed by Tokyo's successful bid for the Olympics and strong second-quarter gross domestic product data. "What we're seeing today is a continuation of yesterday's retail-driven euphoria," said Stefan Worrall, director of equity cash sales at Credit Suisse in Tokyo, noting continued rallies for construction and tourism businesses. Still, many foreign investors remain on the sidelines, Worrall added. The construction sector rose 4.7 percent and was the biggest sectoral gainer. Taisei Corp jumped 13.2 percent to become the most-traded stock by turnover on the main board, while Kajima Corp and Shimizu Corp gained 10.4 percent and 8.1 percent respectively. Imperial Hotel Ltd soared 15.5 percent, while gaming machine maker Konami Corp gained 4.2 percent. The broader Topix added 1.2 percent to 1,186.72 in mid-morning trade. Many catalysts including the Olympics win and data are helping Japan, said Credit Suisse's Worrall, adding "A jam-packed September is not over and the Fed and Syria decision are yet to come. Still, the underlying tone is certainly bullish." The benchmark Nikkei is up 38 percent this year, but down 10 percent since its May peak. U.S. stocks rallied on Monday as economic data from China lessened concern about a sharp slowdown in the world's second biggest economy, with the S&P 500 higher for a fifth straight day and the Nasdaq ending at its highest level in 13 years.
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