Mixed Open Expected For Japan Stocks

By IBTimes Staff Reporter | July 27 2009 6:43 PM

RTTNews - A mixed open is expected for tokyo shares on Tuesday, with the market looking to building on its winning streak. Stocks get a mixed lead from the United States, where Wall Street was trading in the red most of the day, but reversed course late to finish higher

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Japan's market continued its winning ways on Monday, joining other Asian markets in a broad move to higher ground.

The benchmark Nikkei 225 Average rose 144.11 points or 1.45 percent to 10,088.66, marking the 9th consecutive session of gains for the Nikkei. It's the benchmark's longest winning streak since February 1988.

Among the Nikkei component stocks, there were 164 closing higher, 46 were lower and 15 finished unchanged.

The broader Topix index was up 7.78 points or 0.9 percent to 928.26.

The financial sector led the advances. For the big banks, Mitsubishi UFJ was up 3 yen or 0.55 percent, Mizuho Financial advanced 4 yen or 1.92 percent, Sumitomo Mitsui gained 70 yen or 1.86 percent and Resona Holdings advanced 21 yen or 1.51 percent.

For the trading houses, Nomura Holdings was up 25 yen or 3.14 percent while rival Daiwa Securities was up 24 yen or 4.49 percent.

The major shippers were lower, with Mitsui OSK Lines down 22 yen or 3.54 percent, Nippon Yusen was down 19 yen or 4.55 percent and Kawasaki Kisen Kaisha was down 15 yen or 3.98 percent.

Among the electronics makers, audio-video maker Pioneer Corp rose 18 yen or 7.26 percent, Sony was down 5 yen or 0.21 percent and Canon added 80 yen or 2.42 percent.

Despite data showing a jump in home sales, U.S. stocks spent a lackluster day in negative territory until a rally in the closing minutes pushed the major indices into the greet. The Dow Jones Industrial Average ended up 15.27 points or 0.17 percent at 9,108.51, the Nasdaq Composite index was up 1.93 points or 0.10 percent at 1,967.89 and the Standard and Poor's 500 index was up 2.92 points or 0.30 percent at 982.18.

All of the major Asia/Pacific markets except India's closed higher on Monday.

In Hong Kong, the Hang Seng index was up 268.83 points or 1.35 percent at 20.251.62.

The Shanghai Composite index in China advanced 62.61 points or 1.86 percent to 3,435.21.

Indonesia's Jakarta Composite index was up 23.45 points or 1.07 percent to 2,209.10.

In Indian, the BSE 30 index declined 3.92 points or 0.03 percent to 15,375.04.

The KOSPI/Seoul Composite index in South Korea was up 21.46 points or 1.43 percent at 1,524.05.

The Taiwan Weighted Index rose 55.15 points or 0.79 percent to 7,028.43.

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