Casino Linked Stocks in Focus Ahead of Japan Debate

Hiruki Nakamura
17 Jun, 2014
New York City

Stocks in Tokyo advanced on weaker than average volume and yen edged lower to close below 102 mark against the U.S. dollar. Casino game makers were in focus ahead of a parliamentary debate on casino laws tomorrow.

[R]4:30 PM Tokyo – Stocks in Tokyo advanced on weaker than average volume and yen edged lower to close below 102 mark against the U.S. dollar. Casino game makers were in focus ahead of a parliamentary debate on casino laws tomorrow.[/R]

Stocks in Tokyo closed higher and the yen gained as tensions in the Middle East rose and violence in Iraq spread to more cities.

Casino equipment and gambling machines makers were in focus ahead of a parliamentary debate on the overhaul of casino laws tomorrow.

The Nikkei 225 Stock Average gained 42.68 or 0.3% to 14,975.97 and the broader Topix index edged up 3.52 to 1,238.20.

The yen slid to close at 101.91 against one U.S. dollar.

Stocks in Review

Daiwa Office Investment Corp closed unchanged at 412,500 yen after the real estate developer agreed to acquire Azabu Green Terrace of Tokyo worth 14 billion yen.

Separately, today Daiwa agreed to acquire Kitahama Grand Building in prefecture of Osaka valued 9.48 billion yen.

The real estate developer today revised its sales forecast for the fiscal period ending in November to 9.69 billion yen, an increase of 12.6% from earlier estimate in January. Net income to climb 15.1% to 3.45 billion yen.

Frontier Real Estate Investment Corp closed unchanged at 904,000 yen after the real estate investment company raised 3.3 billion yen through long-term and short-term borrowings from Mizuho Bank, Ltd and loan of 2 billion yen from Mitsubishi UFJ Trust and Banking Corporation.

The company said all the loans will be maturing between July 22 2014 and August 19 2015.

Shizuoka Bank Ltd climbed 3.4% to 1,059 yen after the regional bank plans to spend as much as 12 billion yen or $118 million to buy back shares.

Tokyu Corporation gained 0.8% to 708 yen after the railway and transportation service provider reported revenue in the year ending in March rose 1.4% to 1.08 trillion yen from 1.07 trillion yen a year ago.

Net income in the year surged 31.2% to 56.50 billion yen compared to 43.07 billion yen and earnings per share jumped to 44.96 yen from 34.31 yen a year earlier.

Casino game machines makers Konami Corp gained 2.1% to 2,300 yen and Oizumi Corp jumped 8% to 1,049 yen.