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Market Update

Nikkei in Tokyo Gains, Nisshin Fudosan Soars 13% on Profit Outlook

Author: Hiruki Nakamura
Last Update: 4:17 AM ET October 22 2013

4:30 PM Tokyo – Stocks in Tokyo rose for the second day and the yen weakened against the dollar. Nisshin Fudosan Co soared 13% after the developer lifted its profit outlook. More than 600 companies are expected to release earnings in the next ten days.

Stocks in Japan gained for the second day as domestic companies release earnings and the yen traded near its recent lows.

The Nikkei 225 Stock Average closed edged up at 19.68 to 14,713.25 and the Topix rose 2.08 to 1,214.44.

The yen closed at 98.31 against one dollar.

Markets in China and India declined but in Malaysia, Thailand and Korea gained. Indexes in Indonesia dropped nearly 2% and in Shanghai declined 1%.

Stocks in Review

Toyota Motor Corp jumped 70 yen to 6,370 yen and Honda Motor Co. rose 10 yen to 3,960 yen. Nissan Motor Co Ltd added 1 yen to 1,016 yen.

Sony increased 14 yen to 1,935 yen.

Softbank Corp gained 140 yen to 7,620 yen and Fast Retailing Co. climbed 250 yen to 34,450 yen.

Asahi Kasei Corporation jumped 2.7% to 749 yen after the Nikkei newspaper reported the chemical company’s consolidated operating profit for the first-half are likely to surged 83% to 70 billion yen.

Mitsubishi Heavy Industries, Ltd rose 0.9% to 627 yen after the diversified manufacturer with consortium of five Japanese companies agreed to acquire a stake in ECOVIX-Engevix Construcoes Oceanicas S.A., a leading Brazilian shipbuilder.

NEC Corporation gained 2.2% to 237 yen after the diversified information technology company said its Australian subsidiary secured a $34.6 million contract with the Northern Territory Government to support the Department of Education's IT and communications systems over the next five years.

Nisshin Fudosan Co., Ltd surged 12.7% to 792 yen after the real estate developer lifted the profit outlook.

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