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TOKYO - THE Nikkei average rose 1.2 per cent on Monday, led higher by bank shares after the US government took control of troubled mortgage finance companies Fannie Mae and Freddie Mac.
By 0001 GMT the benchmark Nikkei had added 147.70 points to 12,359.93. It booked the lowest close since March 18 on Friday and fell 6.6 per cent last week.
The broader Topix gained 1.1 per cent to 1,183.36 on Monday.
Sumitomo Chemical Co dropped 2.8 per cent to 595 yen (S$7.79) after its joint venture Rabigh Refining and Petrochemical Co (PetroRabigh) in Saudi Arabia said it may delay the start of some units to the first quarter of 2009 and its start-up costs have risen by 3 per cent.
PetroRabigh is a US$10 billion (S$14.2 billion) joint venture between state oil giant Saudi Aramco and Sumitomo Chemical. The two paired up in 2005 to upgrade a 400,000 barrels per day (bpd) oil refinery and add a petrochemical complex. -- AFP
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