4:30 PM Tokyo – Market indexes in Japan participated in Asia-wide rally as global investors shift attention away from the U.S. The popular Nikkei 225 Average briefly traded above 20,000 and the index in the week jumped 2.4%. Daiken Corp said net income in the year declined 9%.
Stocks in Tokyo opened higher and market indexes jumped at the opening and scaled higher in the session.
The Nikkei index extended weekly gain and briefly traded above 20,000 as foreign investors join the Bank of Japan, domestic pension funds and domestic investors.
Asian markets have been on tear for the last eight weeks, as the U.S. prepares for a change in rate regime and Japanese government and central bank work in tandem to revive inflation and asset prices.
Markets in Hong Kong also surged and extended year-to-date gain to 14% as mainland investors line up for stocks trading at discounts to Shanghai.
Market indexes in Shanghai have surged more than 90% in the last ten months and Shenzhen A Share index has surged 52% in the year-so-far.
The Nikkei 225 Stock Average fell 30.09 to 19,907.63 and the broader Topix index slid 4.65 to 1,589.54.
For the week, Nikkei 225 climbed 2.4%.
The yen eased to close at 120.39 against a dollar.
Stocks in Review
Asahi Glass Co Ltd
slumped 1.7% to 792 yen after the Nikkei news reported the glass manufacturer’s sales for the year is expected to jump 3% to 340 billion yen and operating profit to soar 17% to 15 billion yen.
Yesterday, the company said its plans to build a 250 megawatt power plant worth $400 million in Cilegon, Banten, Indonesia to reduce production costs at its Asahimas Chemical unit.
The power plant is scheduled to commence operation in fiscal 2017.
gained 0.8% to 269 yen after the household equipment maker reported net sales in the year ending in February jumped 3.7% to 10.91 billion yen from 10.52 billion yen in a year ago period.
Net income in the year declined 8.8% to 433 million yen compared to 475 million yen and earnings per share slipped to 73.83 yen from 80.97 yen in the same period a year ago.
The company forecasted net sales for the first-half ending in August to increase 3.6% to 11.30 billion yen and net income to climb 7.2% to 465 million yen.
Kintetsu World Express Inc
fell 0.3% to 5,660 yen after the Nikkei news reported airfreight and logistic company’s sales in the year ending in March to climb 14% to 320 billion yen and operating profit to jump 16% to 16 billion yen.
In the January-March period, the company managed air cargo of about 38,068 tons, an increase of 53% from a year ago period.
NH Foods Ltd
rose 0.9% to 2,941 yen after the Nikkei news reported meat processing company’s forecasted sales in fiscal 2017 of about 1.3 trillion yen and operating profit to soar 10% to 50 billion yen from 46 billion yen for fiscal 2014.
The company plans to invest about 100 billion yen in next three years to achieve the target.
Wakita & Co., Ltd
increased 1.3% to 1,208 yen after the engineering and construction machinery provider said net sales in the year ending in February climbed 7.1% to 57.63 billion yen from 53.82 billion yen in a year ago period.
Net income in the year jumped 4.2% to 5.39 billion yen compared to 5.18 billion yen and earnings per share edged up to 103.73 yen from 103.17 yen in the same period a year ago.
For the year, the company forecasted net sales to advance 4.1% to 60 billion yen and net income to rise 2% to 5.50 billion yen.