Nikkei Attempts Rebound, Fanuc Up

Nigel Thomas
21 May, 2012
New York City

Stocks in Tokyo rebounded after a steep loss on Friday and seven consecutive weeks of losses in the benchmark Nikkei index. Fanuc gained after the company plans to expand production capacity of robotics machinery.

[R]8:30 PM Tokyo – Stocks in Tokyo rebounded after a steep loss on Friday and seven consecutive weeks of losses in the benchmark Nikkei index. Fanuc gained after the company plans to expand production capacity of robotics machinery.[/R]

Stocks in Tokyo traded higher after a sharp decline on Friday that concluded the sixth weekly loss in a row.

The Nikkei 225 Stock Average closed up 0.3% or 22.58 to 8,633.89 and the broader Topix index edged down 0.39 or 0.1% to 725.15.

The market sentiment was mildly optimistic on a technical rebound with no conviction and a statement from G-8 leaders reiterated their support to Greece in the euro zone and also German Chancellor Angela Merkel supported more growth measures in the currency union.

However, Merkel also said Europe cannot spend its way out of the current debt crisis.

Stock Movers

Kansai Electric Power Company, Inc increased 5 yen to 1,095 yen and Tokyo Electric Power gained 5 yen to 162 yen.

Toyota Motor declined 25 yen to 3,005 yen and Honda Motor Co. fell 5 yen to 2,559 yen and Nissan Motor Co Ltd decreased 9 yen to 743 yen.

Sony Corp increased 8 yen to 1,108 yen. Panasonic Corp closed down at 10 yen to 531 yen and Canon Inc gained 5 yen to 3,310 yen.

Toshiba fell 2 yen to 308 yen.

Olympus Corp advanced 17 yen to 1,127 yen, Nikon dropped 26 yen to 2,159 yen and Fanuc Ltd surged 190 yen to 13,050 yen after a report in Nikkei business daily suggested that the company is expected to increase its production capacity of robotics machinery with higher operating margins.

Hitachi Ltd decreased 7 yen to 462 yen.

Komatsu Ltd shrank 23 yen to 1,856 yen and Hitachi Construction Machinery Co gained 14 yen to 1,501 yen.

Melco Holdings slumped 4.8% or 83 yen to 1,635 yen.

Inpex Corp fell 0.2% to 453,500 yen and Japan Petroleum Exploration Co. slides 10 yen to 2,978 yen.

Mitsui O.S.K. Lines, Ltd added 1 yen to 262 yen; Kawasaki Kisen Kaisha, Ltd rose 1 yen to 132 yen and Nippon Yusen K.K. closed down at 1 yen to 198 yen.

Nippon Electric Glass Co Ltd edged up 1 yen to 528 yen and Asahi Glass Co Ltd closed down at 2 yen to 553 yen.

Fast Retailing Co. surged 430 yen or 2.6% to 17,100 yen and J. Front Retailing Co. Ltd fell 1 yen to 371 yen.

Mitsubishi UFJ Financial Group decreased 3 yen to 336 yen and Sumitomo Mitsui Financial Group shrank 22 yen to 2,300 yen. Nomura Holdings, Inc closed down at 4 yen to 264 yen.

Credit Saison Co Ltd gained 7 yen to 1,612 yen.

Tokyo Tatemono Co., Ltd rose 3 yen to 242 yen and Mitsui Fudosan advanced 15 yen to 1,231 yen and Sumitomo Realty & Development Co. gained 13 yen to 1,625 yen.

Nippon Steel slipped 2 yen to 179 yen and JFE Holdings Inc increased 5 yen to 1,296 yen.