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Nikkei extends winning streak to 10 days, powered by energy stocks

This Oct. 9, 2018 file photo shows the Tokyo Stock Exchange. (Mainichi)

TOKYO (Kyodo) -- Tokyo's benchmark Nikkei ended slightly higher Tuesday as its winning streak extended to 10 days, supported by gains in energy-related stocks following a surge in oil prices.

The 225-issue Nikkei Stock Average finished up 13.03 points, or 0.06 percent, from Friday at 22,001.32, ending above the 22,000 line for the first time since April 26. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 4.71 points, or 0.29 percent, higher at 1,614.58.

Financial markets in Japan were closed Monday for a national holiday.

Gainers were led by mining, oil and coal product, and consumer credit issues.

Having moved between positive and negative territories, the Nikkei managed to finish higher on gains in beneficiaries of higher oil prices such as refiners and trading companies following an attack on Saudi oil facilities.

Slight declines in the yen against the dollar in the currency market lifted exporter issues, brokers said.

On the other hand, stocks hurt by the oil price rises included transportation issues.

"Rises and falls caused by the news canceled out today," said, Yutaka Miura, senior technical analyst at Mizuho Securities Co.

He added, however, Saudi Arabia's reduced production capacity could hurt global growth going forward and weigh on stocks of companies which have extensive overseas operations.

"The effect of the attack will likely slow global growth in the long run and cast shadows on issues sensitive to changes in overseas demand," Miura said.

Among oil stocks, Inpex jumped 97.50 yen, or 9.7 percent, to 1,102.00 yen, JXTG Holding gained 22.70 yen, or 4.6 percent, at 512.00 yen and energy plant builder JGC climbed 81 yen, or 5.6 percent, to 1,517 yen.

Marine transport firm Kawasaki Kisen shed 56 yen, or 4.2 percent, to 1,280 yen and Mitsui O.S.K. Lines slipped 60 yen, or 2.0 percent, to 2,879 yen. ANA Holdings lost 55 yen, or 1.5 percent, to 3,733 yen.

On the First Section, advancing issues outnumbered decliners 1,250 to 792, while 109 ended unchanged.

Trading volume on the main section fell to 1,336.28 million shares from Friday's 1,800.68 million shares.

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