Nikkei extends gains on Ireland bailout request, exporters gain (2)

21:03, November 22, 2010      

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The 225-issue Nikkei Stock Average ended up 92.80 points, or 0. 93 percent, from Friday to 10,115.19, the highest closing since June 21, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 5.96 points, or 0.69 percent, to 875.48.

China-linked shares remained robust as the central bank on Friday decided to raise reserve requirements for banks and Komatsu gained 2.9 percent to 2,311 yen and Hitachi Construction climbed 2. 5 percent to 1,977 yen.

"It was symbolic to see shares such as Komatsu rising convincingly today. I believe foreigner investor appetite is very strong in taking more positions in Japanese stocks," said one local strategist.

"Originally I expected China's tightening measure to raise banks' reserve requirements would hurt Komatsu, which has a close link to the country, but today's strong rise proves that overall demand for Japanese stocks is very strong," he added.

Among shares widely exposed to conditions in Europe, Kyocera jumped 2.4 percent to 8,570 yen and Canon Inc. added 1 percent to 4,050 yen. Sumco Corp., a silicon wafer maker, leapt 3.7 percent to 1,331 yen and Olympus advanced 1.7 percent to 2,372 yen.

The yen was trading at 114.85 against the euro, compared with 113.65 at the close of stock trading in Tokyo on Friday and 83.57 from 83.35 against the U.S. dollar.

Exporters cheer a weaker yen as the value of income made overseas is boosted when the funds are repatriated.

Skymark Airlines Inc. hit the headlines Monday as the Japanese carrier is planning to buy Airbus' SAS A380s to meet the demand for increased international destinations. The budget carrier jumped 4.7 percent to 888 yen, following reports the company will provide flights between Tokyo and London at half the price of its rivals.

But MS&AD Insurance Group Holdings Inc. was a notable decliner, as the casualty insurer announced its first-half net income fell 30 percent to 40.1 billion yen (480.6 million U.S. dollars).

MS&AD closed down 8.2 percent at 1,949 yen.

Analysts said that some market players were dubious about chasing higher issues Monday as markets are closed in Japan tomorrow for a national holiday and U.S. markets also shut down later in the week and domestic institutional investors may opt to lock in gains made recently.

Trading volume on Monday fell to 1.74 billion shares on the Tokyo Exchange's First Section, down from 2.14 billion on Friday.

Advancing issues outnumbered declining ones by 1,226 to 325.

Source:Xinhua
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(Editor:黄蓓蓓)

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