Most Japanese Shares Gain as Technical Gauge Signals Overselling
- Toraku index shows Topix is still below rebound threshold
- May’s call for a snap U.K. election adds to geopolitical risks
Most shares Japanese shares rose as a key technical gauge showed they are oversold, while U.K. Prime Minister Theresa May’s call for an early general election curbed risk-taking sentiment.
About five shares gained for every four that fell on the Topix. The 25-day Toraku index, which compares the numbers of advancing and declining stocks on the benchmark, stood at 70.9 on Tuesday, below 80, the level investors consider signals shares are due for a rebound. Automakers were the second biggest drag after the yen rallied 0.4 percent Tuesday to near its strongest in five months as U.K. Prime Minister Theresa May called for an early general election on June 8. May sought a personal mandate and parliamentary backing to take her through Brexit talks.