Nikkei hits 3-mth closing high on U.S. job data; high beta stocks in demand

Mon Jun 9, 2014 2:20am EDT

TOKYO, June 9 (Reuters) - Japanese shares climbed to a
three-month high on Monday following a solid U.S. May jobs
report, with investors rotating into growth-sensitive stocks
from defensive ones.
    The benchmark Nikkei gained 0.3 percent to
15,124.00, its highest closing level since March 11. The index
has risen nearly 500 points, or 3.4 percent, over the past six
trading days, raising concerns that the market may be overbought
in the very near term.
    But investors seem relatively bullish on the market,
rotating into high beta shares - those with high volatility -
from defensive shares. Real estate companies and
warehouse and port operators were the top performing
sectors on the day.
    The broader Topix was little changed at 1,234.78 in
thin trade, with only 1.42 billion shares changing hands, the
smallest number since April 18.
    The new JPX-Nikkei Index 400 was flat at
11,244.55.

 (Reporting by Tomo Uetake; Editing by Richard Borsuk)