By Kevin Buckland
TOKYO, March 27 (Reuters) - Japan's Nikkei index rose
for the first time in three days on Monday, with a weaker yen
boosting sentiment in the exporter-heavy market, but worries
about a global banking crisis weighed on financial shares,
capping gains.
The Nikkei ended the day 0.33% higher at 27,476.87,
and was at one point in the afternoon up at a two-week high of
27,385.25.
Of the 225 component stocks, 161 were up, while 57 fell and
seven were flat.
The broader Topix rose 0.33% to 1,961.84.
Among the Tokyo Stock Exchange's 33 industry sectors, land
transport was the best performer, climbing 1.78%.
Banking was the biggest decliner, down 0.54%.
"Amid all the concerns about a banking crisis, for this week
I expect the Nikkei to stay heavy," said Kazuo Kamitani, a
strategist at Nomura.
"For the time being, the outlook is for either sideways
trading in a narrow range or edging lower," although "the bottom
looks quite firm," particularly around 27,300, he said.
Uniqlo store operator Fast Retailing Co Ltd was the
biggest support for the Nikkei, contributing 28 points to the
index's 92 point advance with a 1% gain.
Automakers were firm after the yen's pullback from a nearly
two-month high to the dollar. Suzuki Motor Corp rallied
1.37%, Subaru Corp added 0.53% and Honda Motor Co Ltd gained 0.62%
At the other end, chipmaking equipment maker Tokyo Electron
Ltd was the biggest drag, erasing 43 index points with
a 2.5% slide, tracking declines from Friday in U.S. peers.
Concordia Financial Group Ltd was Nikkei's
worst-performing financial stock, losing 1.68%. Chiba Bank Ltd lost 1.2% and Shizuoka Financial Group Inc declined 1.06%. Sumitomo Mitsui Financial Group Inc fell 1.01%.
(Reporting by Kevin Buckland; Editing by Varun H K)
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