Commodities, Financials Lead Tokyo Gains

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

Real estate and commodities stocks closed higher in Tokyo trading. Banks rebounded on higher earnings expectations in the second quarter. Foreign investors lower their holdings in Japanese equities.

[R]7:00 PM Tokyo, 6:00 AM New York – Real estate and commodities stocks closed higher in Tokyo trading. Banks rebounded on higher earnings expectations in the second quarter. Foreign investors lower their holdings in Japanese equities.[/R]

Stocks in Japan closed higher tracking gains in commodities prices. A rise in crude oil prices for the third day in a row and a strength in metal prices lifted energy and mining stocks. Exporters rallied after the release of U.S. jobless claims report.

The Nikkei 225 Index in Tokyo closed higher 82.54 or 0.85% to 9,786.26 and the broader Topix index increased 7.7or 0.9% to 918.97. For the week Nikkei decreased 3.5% and Topix declined 3.3%.

Of the stocks in Nikkei 225, 136 increased, 80 declined and 9 were unchanged.

Gainers & Losers

Banks closed higher on the expectations of higher earnings in the second half. Mitsubishi UFJ added 4.1% to 616 yen, Mizuho Financial Group advanced 3.7% to 250 yen and Sumitomo Mitsubishi added 4% to 4,080 yen.

Marubeni Corp added 1.9% to 441 yen, Mitsubishi Corp increased 1.8% to 1,826 yen and Mitsui & Company added 3.5% to 1,179 yen after sentiment in the commodities trading was stronger.

Panasonic Corp increased 1.6% 1,294 yen, Cannon Inc added 4.2% to 3,230 yen, Sony Corp increased 2% to 2,525 yen and Fuji Film Holding increased 3% to 2,895 yen.

East Japan Railways increased 3.9% to 5,870 yen and Tobu Railway Company added 1.3% to 548 yen.

Real estate stocks were mixed. Chiyoda Corp added 3.3% to 790 yen, Heiwa Real Estate increased 3% to 313 yen and Sumitomo Realty increase 1.2% to 1,722 yen.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 82.54 or 0.85% to 9,786.26, Hang Seng index in Hong Kong increased 144.27 or 0.81% to 17,920.93, CSI 300 index in China higher 22.57 or 0.74% to 3,080.00. ASX 200 index in Australia increased 7.50 or 0.19% to 3,899.60. The KL Composite index in Malaysia closed higher 5.09 or 0.48% to 1,059.50.

The Kospi Index in South Korea increased 7.58 or 0.55% to close at 1,383.34.SET index in Thailand closed higher 18.55 or 3.25% to 588.98 and JSE Index in Indonesia increased 39.48 or 2.02% to 1,990.47. The Sensex index in India increased 256.36 or 1.80% to 14,521.89.