November 25, 2013 / 6:15 AM / 4 years ago

RPT-Nikkei climbs 1.5 pct to within sight of 5-1/2-year peak

TOKYO, Nov 25 (Reuters) - The Nikkei climbed 1.5 percent on
Monday to within sight of a 5-1/2-year peak reached in May,
propelled by exporters with the yen slumping versus the dollar
and investors expecting the Bank of Japan to keep its stimulus
drive even as the Fed tapers off. 
    The Nikkei ended 237.41 points higher at 15,619.13,
hitting a six-month high and edging closer to the 5-1/2-year
high of 15,942.60 touched on May 23.
    Monday's rise, the seventh day of gains in 11 sessions, took
the benchmark Nikkei to "overbought" territory, with its 14-day
relative strength index at 72.8, above the 70 threshold which is
considered overbought, signalling that the index could be ripe
for a short-term pullback.  
    Index heavyweight SoftBank Corp jumped 5.4 percent
to a 13-year high, building on Friday's 2.3 percent rise after
hedge fund manager Daniel Loeb revealed a $1 billion-plus stake
in the mobile operator. It was the top-weighted gainer in the
Nikkei and the most-traded on the main board. 
    The weaker yen helped lift the appeal of currency-sensitive
exporters, with Honda Motor Co Ltd, TDK Corp 
and Yokogawa Electric Corp up between 1.6 and 3.6
    The broader Topix index closed 0.9 percent higher at
1,259.61, with 2.53 billion shares changing hands, a tad lower
than last week's daily average of 2.56 billion shares.
    Powered by massive fiscal and monetary stimulus, the
benchmark Nikkei has risen 50 percent this year, gunning for its
best yearly performance since 1972.
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