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Market Update

Nikkei Trims Weekly Loss to 1.4%, Abe Starts India Trip

Author: Hiruki Nakamura
Last Update: 7:31 AM ET December 11 2015

4:30 PM Tokyo The Nikkei average trimmed weekly losses to 1.4%. Prime Minister Abe starts his visit to India after the approval of a $14.7 billion project for the construction of India''s first bullet train line.

The Nikkei average jumped almost 1% after exporters led a rebound. The index finished the week 1.4% lower as the markets were overwhelmed by global concerns about energy and commodity prices during the week.

Prime Minister Shinzo Abe starts his visit to India today after a recent approval of a $14.7 billion Japanese proposal to construct India''s first bullet train line.

The Nikkei 225 Stock Average gained 183.93 or 0.9% to 19,230.48 and the broader Topix index rose 9.16 to 1,549.51.

For the week, Nikkei 225 slipped 1.4%.

The yen increased against the dollar to 122.

Stocks in Review

Ateam Inc gained 1.4% to 2,029 yen after the online game and music services provider reported net sales in the first-quarter ending in October advanced 44% from a year ago to 4.61 billion yen.

Net income in the year plunged 11.3% to 291 million yen and diluted earnings per share fell to 15.38 yen from 16.82 yen in the same period a year ago.

The company estimated net sales in the year to soar 26.4% to 20 billion and net income to increase 2.8% to 1.40 billion yen.

Gumi Inc tumbled 13.4% to 973 yen after the mobile gaming services provider said net sales in the first-half ending in October declined 21.9% from a year ago to 10.93 billion yen.

Net income in the year surged to 1.77 billion yen from 458 million yen, while earnings per share jumped to 60.05 yen from 19.55 yen in the same period a year ago.

The mobile gaming services provider expects net sales to plunge 24.7% to 15.53 billion yen and operating income to reach 2.66 billion yen.

Showa Denko K.K decreased 1.3% to 149 yen despite a forecast for steady growth.

The petrochemical company expects net sales to jump 3.2% to 810 billion yen in fiscal 2016 and to reach 850 billion yen in fiscal 2017 and 930 billion yen by fiscal 2020.

Net income for fiscal 2016 is estimated to soar 186% to 20 billion, compared with 7 billion yen in fiscal 2015.

West Japan Railway Company jumped 0.7% to 7,687 yen after the railway transportation services provider announced plans to invest in a railway businesses in Brazil as the government encourages the exports of Japanese infrastructure technology.

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