Nikkei in Japan at Nine-Month High

123jump.com Staff
12 Jun, 2009
New York City

Stocks in Japan closed higher after investors accumulated financials, retailers and industrial companies. Consumer confidence in May reached to eight-month high. Financial closed higher on earnings revisions from brokers. Nikkei 225 Average is now up 10% for the year.

[R]9:00 PM Tokyo, 8:00 AM New York – Stocks in Japan closed higher after investors accumulated financials, retailers and industrial companies. Consumer confidence in May reached to eight-month high. Financial closed higher on earnings revisions from brokers.[/R]

Investors’ enthusiasm was palpable in Tokyo trading as the Nikkei Average closed above 10,000 for the first time in nearly three quarters.

The Nikkei 225 Stock Average closed higher 154.49 or 1.55% to 10,135.82. of the stocks in the average, 21 stocks closed above 5%.

Consumer confidence in May increased to one year high of 35.7 after dropping to as low as 26.2 in December. The index has steadily increased since December 2008.

Index of willingness to buy durable consumer goods surged to 43.1 after dropping to 28.8 in October and steadily gaining since then. The index is now 19-month high.

Gainers & Losers

Retailers closed higher after consumer confidence increased in May. The fifth monthly increase in a row was supported by expected recovery in exports and higher government spending.

Seven & I Holdings Company increased 4.6% and Aeon surged 8.3% to 996 yen. Takashimaya Company added 7.8% to 690 yen and J Front Retailing increased 7.5% to 443 yen. Isetan Mitsukoshi added 4.6% to 959 yen.

Financials led gainers in today’s rally. Nomura Holdings Inc increased 5.25 to 917 yen after Merrill Lynch revised its outlook on higher trading volume. Daiwa Securities Group Inc added 4.1% to 709 yen.

Shipping lines surged after China reported May industrial output increased 8.9% and retail sales surged 15.2%.

Nippon Yusen KK added 2.2% to 468 yen and Kawasaki Kisen increased 3.2% to 458 yen.

Nikkei 200 Average Movers

Olympus Corp led the decliners in the Nikkei 225 index of 4.0% followed by losses in Sumitomo Mitsui Financial Group Inc of 2.9%, in Isuzu Motors Ltd of 2.8%, in Terumo Corp of 2.6% and in Tosoh Corporation of 2.3%.

CSK Holdings Corporation led gainers in the Nikkei 225 index with a rise of 19.0% followed by gains in Nippon Soda Co Ltd of 11.4%, in Furukawa Co Ltd of 8.5% and Yahoo! Japan Corp of 8.2%.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 154.49 or 1.55% to 10,135.82, Hang Seng index in Hong Kong increased 98.65 or 0.52% closed to 18,889.68, CSI 300 index in China lower 55.34 or 1.87% closed to 2,906.29. ASX 200 index in Australia increased 15.00 or 0.37 % closed to 4,062.20. The KL Composite index in Malaysia higher 1.19 or 0.11% closed to 1,090.15.

The Kospi Index in South Korea increased 9.20 or 0.65% to close at 1,428.59.SET index in Thailand closed higher 1.48 or 0.24% to 628.55 and JSE Index in Indonesia increased 1.36 or 0.06% closed to 2,090.94. The Sensex index in India decreased 173.53 or 1.13% closed to 15,237.94.