Exporters, Shippers Rebound in Tokyo

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Author: 123jump.com Staff
123jump.com
Last Update: 4:29 PM EDT April 18 2008

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Stocks in Japan edged higher on the optimism that global economy may not weaken further. Nikkei 225 rose 0.6% to 13,476.45, a 1.2% gain for the week, and the broader Topix Index increased 0.8% to 1,304.06. The yen weakened further to close at 102.36 yen to a dollar. Shipping lines, banks and export sensitive stocks close higher. The Bank of Japan in its region survey noted that eight of the nine regions are experiencing sluggish economic activities.

Kawasaki Kisen led advancers in the Nikkei 225 index shares with a rise of 6.91% followed by in Hino Motors of 6.79%, in Mazda Motors of 5.88%, in Sumitomo Chemical Co of 5.79%, and Mitsubishi Paper of 5.24%.

Shipping lines and carmakers increased on both renewed confidence on the resilience in the global economy and a weakening yen at 102.36 at the close of trade.

Clarion Co. Ltd led decliners in the Nikkei 225 index shares with a drop of 5.24%, in Chiyoda Corp. of 3.41%, in Shionogi & Co 3.08%, in Astellas Pharmacies of 2.86%, and Daiichi Sankyo of 2.52%.

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