Tokyo Stocks Rise; T&D Mitusbishi UFJ Loss

123jump.com Staff
19 May, 2009
New York City

Stocks in Japan tracked gains in New York. Metals and energy prices increased in Asian trading. T&D Holding Inc increased 3% after it reported less than expected annual loss.

[R]7:00PM Tokyo – Stocks in Japan tracked gains in New York. Metals and energy prices increased in Asian trading. T&D Holding Inc increased 3% after it reported less than expected annual loss.[/R]

Market psychology in Tokyo trading is firmly anchored in the developments in the U.S. and global markets. The rise in U.S. home builders’ confidence lifted stocks of electronics exporters, automakers and trading companies. Mitsubishi UFJ annual revenues declined 11% and

The Nikkei 225 Index in Tokyo closed higher 251.60 or 2.78% to 9,290.29.

Gainers & Losers

Sony Corp gained 3.3% to 2,500 yen, Cannon added 4.4% to 3,290 yen, Casio computer increased 5% to 783 yen and Yamaha Corp surged 4.9%.

Automakers gained as well. Toyota Motor increased 3.4% to 3,680 yen, Suzuki Motor added 2% to 2,080 yen and Nissan Motor Company edged up 3%.

Financials increased after interbank declined in London and credit markets eased in New York and in London trading.

Nomura Holdings increased 3.7% to 669 yen, Mizuho Financial edged down 0.4%, Mizuho Securities increased 4.9% and Mitsubishi UFJ added 4.2% to 617 yen.

A rise in metals and energy prices lifted trading and energy prices. Inpex surged 5.4% to 707,000 yen, Marubeni Corp gained 4.6% to 409 yen and Mitsui & Company edged up 3.4% to 1,111 yen.

Earnings Review

Mitsubishi UFJ Financial Group, Inc, Japan’s biggest bank reported full-year revenues fell 11.2% to ¥5.68 trillion from ¥6.39 trillion a year ago. Net loss in the year was ¥256.95 billion or ¥25.04 per diluted share compared to net profit of ¥636.6 billion or ¥61.00 per share a year ago.

T&D Holdings, Inc, Japan’s largest publicly traded life insurer reported full-year revenues rose 9% to ¥2.54 trillion from ¥2.33 trillion a year ago. Net loss in the year was ¥89.10 billion or ¥359.65 per diluted share compared to net profit of ¥36.75 billion or ¥149.24 per share a year ago.

Nikkei 200 Average Movers

Unitika Ltd. led the decliners in the Nikkei 225 index of 11.9% followed by losses in Isetan Mitsukoshi Holdings Ltd of 3.0%, in Mitsubishi Rayon Company, Limited. of 3.0%, in Denki Kagaku Kogyo K K of 2.6% and in Nitto Boseki Co Ltd of 2.2%.

Credit Saison Co., Ltd. led gainers in the Nikkei 225 index with a rise of 10.1% followed by gains in Asahi Glass Company, Limited. of 9.4%, in Mitsumi Electric Co Ltd, of 8.5% and Japan Tobacco Inc of 8.1%.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 251.60 or 2.78% to 9,290.29, Hang Seng index in Hong Kong increased 521.12 or 3.06% closed to 17,544.03, CSI 300 index in China higher 29.51 or 1.05% closed to 2,840.08. ASX 200 index in Australia increased 81.70 or 2.19 % closed to 3,817.30. The KL Composite index in Malaysia higher 11.48 or 1.13% closed to 1,023.49.

The Kospi Index in South Korea increased 41.53 or 2.99% to close at 1,428.21. SET index in Thailand closed higher 16.25 or 3.01% to 556.47 and JSE Index in Indonesia increased 82.45 or 4.57% closed to 1,886.02. The Sensex index in India increased 17.82 or 0.12% closed to 14,302.03.