November 28, 2019 / 8:51 AM / 16 days ago

Foreigners buy Japanese stocks for seventh straight week

Nov 28 (Reuters) - Japanese stocks secured some foreign money last week as positive comments from leaders of the United States and China rekindled expectations that the two top global economies were closer to reaching an interim trade agreement.

Cross-border investors bought a net 62.79 billion yen ($577.96 million) of Japanese stocks, including cash equities and futures, in the week ended Nov. 22, data from Japanese stock exchanges showed.

Foreign purchases in Japanese equities last week, marked their seventh successive weekly net buying, the longest buying streak since at least January 2018.

Overseas investors bought a net 78.85 billion yen in derivative markets, but sold 16.06 billion yen in cash markets, the data showed.

Global equity markets retreated during most of last week on fears that the U.S.-China trade talks could founder, but pared most of their losses on Friday, after leaders of both the United States and China signalled their desire to sign an initial trade deal.

Last week, the Nikkei index fell 0.8% and the Topix index shed 0.3%, both marking their second successive weekly loss.

Japanese investors sold 63.5 billion yen worth of overseas equities last week, their second straight week of net selling, data from the Ministry of Finance showed. ($1 = 108.6400 yen)

Reporting by Gaurav Dogra and Patturaja Murugaboopathy; Editing by Alex Richardson

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