Asian Economic News
Japanese Stock Market Ends Mixed Amid Cautious Trading
11/9/2009 3:44 AM ET
(RTTNews) -
The stock market in Japan ended mixed on Monday as gains on optimism about corporate earnings were partially offset by concerns on the political front with the traders preferring adopt a wait-and-watch attitude ahead of key economic data related to machinery orders in Japan and trade and industrial data in China, slated for release during the week. Uncertainty about the new-government's policy and approach to economic issues dampened the market sentiment.
The benchmark Nikkei 225 Index ended in positive territory with a gain of 19.64 points, or 0.20% at 9,809, while the broader Topix index of all First Section issues ended lower with a loss of 3.34 points, or 0.38%, at 871.
On the economic front, the Ministry of Finance revealed that the country's official reserve assets totaled $1.06 trillion by the end of October, up $4.17 billion from September. As of October 31, foreign currency reserves amounted to $1.01 trillion, while reserves with the International Monetary Fund stood at $4.37 billion. Gold reserves totaled $25.59 billion, while SDRs were worth $21.17 billion.
Light sweet crude oil futures for December delivery ended at $78.42 a barrel in electronic trading, up $0.99 per barrel from previous close at $77.43 a barrel in New York on Friday.
Insurance stocks led the gains on expectations of higher earnings. Mitsui Sumitomo Insurance Group Holdings surged up 8.59%, Tokio Marine Holdings climbed 4.26%, T&D Holdings rose 4.02% and Sompo Japan Insurance Co. advanced 2.02%.
Non-ferrous metal stocks also advanced on optimism that the overall macroeconomic picture of the country is showing signs of improvement. Among the stocks, Sumitomo Metal Mining Co. rose 2.98%, Furukawa Electric Co. surged up 6.89%, Toho Zinc Co., gained 3.73%, Dowa Holdings advanced 2.32% and Sumitomo Electric Industries added 0.86%.
Mixed trading was witnessed among trading companies. Mitsubishi Corp gained 0.96%, and Itochu Corp added 0.52%. Toyota Tsusho Corp. remained unchanged at previous close. However, Sumitomo Corp lost 0.80%, Marubeni Corp. edged down 0.22% and Mitsui & Co. Ltd edged down 0.09%.
Banking stocks also witnessed mixed trading. Sumitomo Mitsui Financial lost 3.16%, Mizuho Financial fell 1.68% and Resona Holdings shed 0.96%. However, Mitsubishi UFJ Financial ended in positive territory with a gain of 0.82%.
In the U.S., stocks saw only slim moves to close out the week on Friday, as subdued reaction to monthly employment figures kept the major averages near the unchanged mark. The major averages were able to recover from a pullback at the opening bell and managed to close modestly higher. The Dow closed up 17.46 points or 0.2% at 10,023, the Nasdaq advanced 7.12 points or 0.3% to 2,112 and the S&P 500 rose 2.67 points or 0.3% to 1,069.
by RTT Staff Writer
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