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Asia: Nikkei rises 1.1%
Mon, 01 Dec, 2008
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Asia: Nikkei rises 1.1%
Wed, 15 Oct 2008, 06:43:00
Concern about the deteriorating outlook for company profit initially took the Nikkei lower Wednesday but the index recovered later in the session as fears subsided and drug makers led gains. <br /><br />The benchmark Nikkei 225 index closed up 99 points at 9,547, after falling nearly 2% earlier in the session. Yesterday the Nikkei soared 14%.<br /><br />Drug makers like <b>Takeda Pharmaceutical</b> took the lead, rising over 6% as traders sought out defensive stocks. <b>Eisai Co</b> rose 4.7% and <b>Astellas Pharma</b> advanced 3%.<br /><br />As the euphoria of Tuesday's session faded, traders focused on economic weakness and the earnings outlook for heavyweights such as <b>Toyota</b>. Shares in the carmaker tumbled nearly 5% on concern about declining sales in the US, its key export market. <b>Honda</b> dropped 6%. <br /><br />Concern about a global slowdown also weighed on <b>Sony</b> and <b>Canon</b>. <br /><br />Steel makers endured a difficult session as commodity prices headed lower. Shares in <b>Nippon Steel</b> and <b>JFE Holdings</b> both lost out. <br /><br />Shipping stocks also came in for a rough ride as freight rates continued to fall. <b>Mitsui OSK Lines</b> was down over 10%, <b>Nippon Yusen</b> lost over 8% while <b>Kawasaki Kisen Kaisha</b> fell nearly 9%. <br /><br />The Hang Seng remained firmly in the red Wednesday as financials came under the hammer. <br /><br />Hong Kong's Hang Seng closed down 834 points at 15,998.<br /><br />Hong Kong's <b>China Construction Bank</b> fell over 5% after Citigroup warned that profit for Chinese lenders could fall as more loans default in 2009. <b>ICBC</b> fell 2% while <b>Bank of Communications</b> lost over 4%. <br /><br /><b>Bank of East Asia</b> bucked the trend however following the government announcement that it will guarantee bank deposits.<br />
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