Nikkei:9,691.84 (+133.15) Hang Seng:23,892.84 (–114.54) Shanghai Comp:2,925.53 (–13.46)
JAPANESE EQUITIES made progress yesterday after well-received earnings news assuaged some of the fears about the effects of the earthquake and tsunami on industrial output.
The robust market reaction to better than expected numbers from Fanuc, Diahatsu Motor and Canon helped traders absorb news that rating agency Standard Poor’s downgraded its outlook for Japan’s sovereign debt from “stable” to “negative”.
Canon rose 7 per cent to ¥3,740 after the camera maker’s earnings were seen as a sign that supply chain problems after the natural disasters were not as disruptive as feared. Fanuc, an industrial robot maker, was 3.6 per cent higher at ¥13,260, while Diahatsu rose 6.5 per cent to ¥1,221.
Kuraray said strong demand for materials used to coat liquid crystal display screens could lift its operating profit by up to 13 per cent. The stock rose 10.5 per cent to ¥1,178.
Sony lost ground after the PlayStation maker confirmed a significant security breach at the games console’s online network. Its shares fell 2 per cent to ¥2,366. – (Copyright The Financial Times Limited 2011)
