Tokyo stocks close up 1.17%
Friday, 02 November 2012
TOKYO: Tokyo stocks closed 1.17 percent higher Friday, tracking Wall Street's gains on solid US economic data, but Sharp and Panasonic fell after warning of huge full-year losses.
The benchmark Nikkei 225 index at the Tokyo Stock Exchange closed up 104.35 points to 9,051.22, while the broader Topix index of all first-section shares rose 1.18 percent, or 8.77 points, to 752.09.
Tokyo stocks benefited from a weaker yen and mostly solid US economic data.
"The market is gaining on positive US economic-related data and the solidly cheaper yen," said Okasan Securities strategist Hideyuki Ishiguro.
"Markets should be able to see some measure of extra relief after the US presidential election is settled next week as well," he told Dow Jones Newswires.
Some buoyant data on consumer confidence and the manufacturing sector gave Wall Street a solid bump Thursday after the previous day's flat reopening following a shutdown in the wake of Hurricane Sandy.
The Dow Jones Industrial Average finished 1.04 percent higher at 13,232.62.
The overall positive sentiment offset weak earnings of major Japanese companies, analysts said.
In Tokyo trade, Sharp Corp. shares fell 2.36 percent to 165 yen after the maker of Aquos-brand electronics said it would post a $5.6 billion yearly loss, and warned it had doubts about carrying on as a viable company.
Dealers said much of the bad news had already been priced into its shares, which have dived in recent months.
"Sharp's figures came out more or less in line with data already leaked to the media, so we likely won't see the kind of shock witnessed in Thursday's market with Panasonic," said Investrust chief executive Hiroyuki Fukunaga.
Panasonic plunged nearly 20 percent Thursday on news it would post an eye-watering $9.6 billion loss in the year to March. On Friday the shares were down 0.72 percent to 411 yen.
PlayStation maker Sony offered a glimmer of hope for Japan's troubled electronics sector, saying it still expects to eke out a full-year profit after four years in the red. Its shares rose 2.07 percent to 934 yen.
In currency markets, the dollar rose to 80.27 yen in Tokyo afternoon trade from 80.13 yen in New York late Thursday. The euro fell to $1.2902 from $1.2940 in US trade. It also declined to 103.56 yen from 103.69 yen. (AFP)