TOKYO, Nov 12 (Reuters) - Japanese shares ended higher on Friday, underpinned by tech stocks, as investors bought into a domestic market that has lagged behind a global rally on concerns about the impact of rising costs on corporate earnings. The Nikkei share average rose 1.13% to close at 29,609.97, extending gains for a second session, while the broader Topix advanced 1.31% to 2,040.60. Both indexes closed flat for the week. “Japanese shares are pretty much behind the global markets and their PER (price-earnings ratio) is low compared with other countries, which drove investors to buy Japanese stocks,” said Shigetoshi Kamada, general manager at the research department at Tachibana Securities. “But it is still hard for the market to regain the 30,000 level.” Technology shares led gains on the Nikkei, tracking Wall Street cues as the Philadelphia SE Semiconductor index bounced back from its worst session in more than six weeks. Start-up investor SoftBank Group rose 2.58% and jumped 10% for the week, while chip-making equipment maker Tokyo Electron advanced 1.96% and medical platform M3 climbed 1.14%. Property developers also advanced, with Mitsubishi Estate jumping 3.57% and Mitsui Fudosan gaining 4.66%. Watchmaker Citizen Watch surged 9.46% after its annual net profit beat forecasts. Marui Group rose 4.16% as the retailer posted a half-year profit jump and announced a share buyback. On the downside, Suzuki Motor lost 2.38% after the automaker’s six-month net profit missed a market consensus. Toshiba, which is trying to regain investor confidence in its governance, gave up early gains to fall 1.32% after a company-commissioned report said its executives including its former CEO behaved unethically, albeit not illegally, with respect to allegations that management sought to pressure overseas shareholders. A separate shareholder-commissioned report concluded in June that Toshiba had colluded with Japan’s trade ministry to block overseas investors from gaining influence at last year’s shareholders meeting. Editing by Sherry Jacob-Phillips
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