Tokyo Stocks Rise; Marubeni, Mitsui Up

Darlington Musarurwa
05 Jun, 2009
New York City

As commodities and crude oil prices reached 30-week high, stocks in the energy complex in Tokyo gained.Shippers after rallying for more than twelve weeks closed lower. Trading companies closed higher after crude oil prices closed up.

[R]8:00 PM Tokyo, 9:00 AM New York – Energy and mining related stocks in Tokyo closed higher. Shippers after rallying for more than twelve weeks closed lower. Trading companies closed higher after crude oil prices closed up.[/R]

Stock market in Japan focused on the developments in commodities and energy markets. Crude oil prices in Asia traded near $70 a barrel lifting stocks in energy complex in Tokyo trading.

The Nikkei 225 Index in Tokyo closed higher 99.05 or 1.02% to 9,768.01.

Gainers & Losers

Ship liners declined after Baltic Dry Index declined for the first time in more than two months. Kawasaki Kisen Kaisha Ltd decreased 2.3% to 430 yen and Mitsui O.S.K. decreased 1.2% to 672 yen.

Trading companies edged higher after crude oil prices increased. Marubeni Corp added 1.1% to 460 yen and Mitusi & Company increased 2.9% to 1,298 yen.

A surge in crude oil prices lifted the stocks of energy explorer and refiners. Japan Petroleum Exploration Company Ltd added 7.6% to 5,380 yen and Inpex increased 4.8% to 829,000 yen. Ratings revision also helped AOC Holdings Inc to surge 11% to 985 yen.

Tomoe Engineering Co declined 3.5% to 1,221 yen after it reported sales for the first six months declined 18% to 20 billion yen.

Kobe Bussan Co increased 3% to 1,360 yen after the supermarket chain operator reported 30% increase in sales and earnings.

Nikkei 200 Average Movers

Fuji Electric Holdings Co., Ltd. led the decliners in the Nikkei 225 index of 3.18% followed by losses in CSK Holdings Corporation of 2.88%, in Dentsu Inc. of 2.80%, in Oki Electric Industry Company, Limited of 2.80% and in East Japan Railway Company of 2.50%.

Mazda Motor Corporation led gainers in the Nikkei 225 index with a rise of 10.36% followed by gains in Fuji Heavy Industries Ltd. of 7.69%, in Isuzu Motors Ltd of 6.37%, in Marui Group Co., Ltd. of 6.07% and Nippon Sheet Glass Company, Limited of 5.52%.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 99.05 or 1.02% to 9,768.01, Hang Seng index in Hong Kong increased 176.76 or 0.96% closed to 18,679.53, CSI 300 index in China lower 14.44 or 0.49% closed to 2,939.31. ASX 200 index in Australia increased 36.60 or 0.93% closed to 3,971.20. The KL Composite index in Malaysia higher 11.53 or 1.08% closed to 1,075.50.

The Kospi Index in South Korea increased 16.57 or 1.20% to close at 1,394.71. SET index in Thailand closed higher 10.97 or 1.85% to 604.57 and JSE Index in Indonesia increased 46.22 or 2.27% closed to 2,078.93. The Sensex index in India increased 94.87 or 0.63% closed to 15,103.55.