Japan Rises, Led by NEC, Sony; South Korea Gains
By Tomoko Yamazaki
quote.bloomberg.com
Tokyo, April 22 (Bloomberg) -- Japan's Nikkei 225 stock average rose to its highest in a month, led by NEC Corp., on a report the country's second-largest chipmaker will probably return to profit this fiscal year as job cuts helped reduce costs.
``NEC's profit report suggests business conditions are finally starting to recover thanks to their restructuring efforts,'' said Toshio Tahara, who helps manage $1.4 billion in Japanese equities at Sumisei Global Investment Trust Management Co.
The Nikkei 225 stock average gained 1.1 percent to a one- month high of 11,639.80. The Topix index rose 0.6 percent to 1098.98, with computer-related stocks accounting for about two- thirds of the index's gain. Exporters such as Sony Corp. advanced after the finance minister said the government favors a weaker yen, helping boost the value of their overseas sales.
In other markets, South Korea's Kospi rose for its seventh day in eight, gaining 1.7 percent, led by Samsung Electronics Co. after the chipmaker reported a record quarterly profit on Friday. Taiwan's TWSE Index rose 0.2 percent, led by Hon Hai Precision Industry Co., on a report saying the island's largest computer- parts maker expects profit to grow at least 15 percent over the next three years. |
