2013.08.2906:53:21UTC+00Japan stocks bounce back after 3-day declining streak

Japanese blue-chip stocks shot up early Thursday trading action after a three-day losing run and a bounce back on Wall Street, with shipping and petrochemical companies among the advance movers. The Nikkei Stock Average recorded a 0.7% increase to 13,427.19 and the broader Topix boosted 0.2% to 1,115.87. Shares of Kawasaki Kisen Kaisha Ltd. spiked 1.9%, Mitsui O.S.K. Lines Ltd. traded 2.1% higher, Showa Denko K.K. soared 2% and JX Holdings Inc. jumped 2.4%, with all of them paring recent declines. Panasonic Corp. relinquished 1.8% after the Nikkei newspaper reported the firm will exit the consumer smartphone segment. Toshiba Corp. and Tokyo Electric Power Co. slightly advance after a separate Nikkei report they will join hands to deploy smart power grids in foreign markets.