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Nikkei up, but region still sliding
TOKYO, Japan -- Japan's Nikkei average climbed at the opening on Wednesday led by gains in blue chips such as Nomura Holdings Inc that had taken a beating in a six-day losing streak that took the Nikkei to 20-year lows this week. The Nikkei average was up 1.07 percent to 7946.21 in early trading, while the broader TOPIX index was up 0.67 percent to 775.82. The Nikkei was due for a rebound, some traders said, while other cited talk of government action to boost the market as being behind the rise. The index's 14-day relative strength index stood at around 15 at the close on Tuesday, well below the oversold level of 30 and its lowest in nine months, Reuters reports. Nomura Holdings, Japan's top brokerage, rose 1.23 percent to 1,239 yen, bouncing from a 13-month low. Computer giant NEC Corp edged up 1.01 percent to 402 after hitting a post-bubble low of 398 in the previous session. In Seoul, South Korea's Kospi sank for yet another day sliding 1.20 percent to 526.13 in the first hour of trading. At that level the index was at a 17-month low. Stocks were also sold down in Australia, with the S&P/ASX 200 index dipping 0.6 percent to 2760.90 by noon. Banking major CBA was off A65c to A$23.34 while flagship carrier Qantas dipped A2c to $A3.13. The news was little better in New Zealand, where the NZSE Top 50 indicator had eased 0.1 percent to 1882.11 by mid afternoon. Leading stock Telecom NZ was NZ4c weaker at NZ$4.32. In Singapore the Starits Times index was at a four-year low, down 0.28 percent at 1212.77, shortly after the opening there. Reuters contributed to this report.
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