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Market Update

Japan Revised Q1 GDP Higher; Sony, Softbank, NTT DoCoMo and KKDI in Focus

Author: Hiruki Nakamura
Last Update: 10:15 AM ET June 09 2014

4:30 PM Tokyo Market indexes in Tokyo extended rally to the 12th day and the yen held firm near its 3-month average. Mobile telecom companies were in focus as the industry gears up for flat pricing plans. March quarter GDP estimate was revised higher to 6.7%.

Stocks in Tokyo continued the advance the Topix index extended rally to 12th day and the GDP estimate for the first quarter was revised higher.

The country''s cabinet office said gross domestic product in the March quarter climbed 6.7%, faster than a preliminary estimated of 5.9%.

Business investment surged 7.6% from the earlier quarter revised up from a preliminary estimate of 4.9% increase. Consumer spending was revised higher to 2.2% from the initial estimate of 2.1%.

The Nikkei 225 Stock Average gained 46.76 or 0.3% to 15,124 and the broader Topix index edged up 0.21 to 1,234.78.

The yen closed higher at 102.40 against one U.S. dollar.

Stocks in Review

Hearts United Group Co Ltd fell 0.6% to 2,135 after the software company reported net sales in the year ending in March climbed 147.2% to 10.14 billion yen from 6.88 billion yen a year ago period.

Net income in the year soared 187.7% to 1.09 billion yen compared to 579 million yen a year earlier.

KDDI Corp slipped 0.6% to 5,966 yen after the wireless service provider plans to offer flat-rate, unlimited calling from July 1, according to industry sources.

The company is set to increase total monthly executive pay by 25% to 50 million yen.

Kumagai Gumi Co., Ltd plunged 5.7% to 264 yen after the construction company confirmed defects in residential apartment built in March 2003 in Yokohama area.

Miraial Co., Ltd rose 0.2% to 1,686 yen after the plastic moldings maker said net sales in the year ending in April increased 14.4% to 2.29 billion yen compared to 2 billion yen a year ago.

Net income in the year surged 86.6% to 208 million yen compared to 111 million yen and earnings per share jumped to 23.23 yen from 11.06 yen a year earlier.

Round One Corporation jumped 1.5% to 687 yen after the leisure facilities provider said total sales in the May edged up 0.1% to 7.02 billion yen but sales in April fell 1.5% to 13.43 billion from a year ago month.

The company added sales from the amusement business segment in May climbed 11.1% to 3.07 billion yen and in April sales jumped 7.4% to 5.76 billion yen.

Sony Corporation gained 0.9% to 1,658 yen after the Nikkei business news reported mobile and entertainment products maker sold 18.7 million game consoles in the year ending in March compared to 16.3 million units sold by Nintendo, surpassing the rival for the first time in eight years.

Softbank Corp rose 0.2% to 7,708 yen after the mobile communication service provider plans to launch a flat-rate in domestic call service from July 1, matching NTT DoCoMo and other discount rivals.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc