TOKYO, March 24 (Xinhua) -- Tokyo stocks closed higher Thursday by extending gains for an eighth straight session as investors maneuvered positions as the end of the fiscal year nears, while rising U.S. stock futures added to buying sentiment.
The 225-issue Nikkei Stock Average added 70.23 points, or 0.25 percent, from Wednesday to close the day at 28,110.39.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, gained 2.86 points, or 0.14 percent, to finish at 1,981.56.
Local dealers said that in early trade investors looked to lock in gains made following the market's recent winning streak, but as U.S. stock futures gained investor buying became more pervasive.
They added that investors adjusting their positions ahead of the end of the fiscal year also helped erase earlier losses.
Even as uncertainties continue, the market was seemingly affected by end-of-fiscal-year factors such as purchases of dividends and buying back after having sold to hedge big losses, Hideyuki Suzuki, senior analyst at SBI Securities, was quoted as saying.
"But that doesn't necessarily mean market sentiment has improved," Suzuki said.
Toyota Motor Corp., announcing the previous day a hefty share buyback plan also lifted the market mood, with the plan expected to total up to 100 billion yen (820 million U.S. dollars) and increase shareholders returns.
"The decision by Toyota likely led to expectations among investors that other companies may follow suit," Masahiro Yamaguchi, head of investment research at SMBC Trust Bank, was quoted as saying.
By the close of play, nonferrous metal, mining and transportation equipment issues led notable gainers, and rising issues outpaced falling ones by 1,097 to 977 on the First Section, while 107 ended the day unchanged.
Toyota Motor and its suppliers posted notable gains, with the automaker adding 2.9 percent, while it suppliers Toyota Boshoku rose 0.8 percent and Denso ended 3.0 percent higher.
Energy-oriented issues continued their advance as energy prices including crude oil continue to soar, with Sumitomo Metal Mining jumping 3.4 percent, while exploration giant Index closing 2 percent higher.
Toshiba dropped 0.5 percent, after a proposal to split the conglomerate into two companies was shot down by a majority of shareholders.
On the main section on Thursday, 1,242.10 million shares changed hands, dropping from Wednesday's volume of 1,414.73 million shares.
The turnover on the penultimate trading day of the week came to 3,157.47 billion yen (25.95 billion U.S. dollars). ■
