This is quite interesting and the ongoing rally in Japan is also very helpful. I have been highlighting Sony on this thread and if we take this 200 days MA 14700 on two consecutive basis this is going to be a rare event as far out os two years of Nikkei is concerned.
REPEAT-Nikkei surges by midday on
yen,Sony-Toshiba
TOKYO, March 5 (Reuters) - The benchmark Nikkei 225
average surged by midday on Friday, gaining more than two
percent as a weaker yen boosted investor confidence and news
that Sony Corp and Toshiba Corp will create a joint venture
brightened the market's outlook.
The Nikkei closed the morning session up 333.36 points or 2.35 percent at 14,516.81. March
Nikkei futures were up 340 at 14,540.
News of a tie-up between Sony and Toshiba pulled the whole market up, said traders.
The two companies are to create a joint venture to produce microprocessor chips for a new
version of the PlayStation videogame machine in an unprecedented alliance between major
electronics industry rivals. Sony Computer is to invest 50 billion yen in equipment for the venture.
''News of new investment of this magnitude is really important amid the constant negative news of
downsizing and restructuring. This is really being evaluated positively,'' said Kunihiro Hatae, head
of equities at Tokyo Securities Co Ltd.
Sony added 550 yen or 5.82 percent to 10,000, while Toshiba gained 40 yen or 5.54 percent to
762.
A total of 250.94 million shares changed hands on the first section of the Tokyo Stock Exchange,
against 185.01 million shares Thursday morning.
Traders said the weak yen will benefit companies with significant export earnings and those
repatriating earnings to Japan from overseas.
Export-oriented international blue chips were generally higher.
Mabuchi Motor Co Ltd gained 500 yen or 6.02 percent to 8,800, Advantest Corp gained 320 yen
or 3.79 percent to 8,770, and TDK Corp rose 290 yen or 3.49 percent to 8,600.
Other factors in the market:
*Broader indexes all rose. The TOPIX index of all first-section shares added 17.54 points or 1.59
percent to 1,122.65. The Nikkei 300 advanced 3.71 points or 1.68 percent to 224.10. The
second section index gained 6.57 points or 0.49 percent to 1,334.96.
Advancers outnumbered decliners by 906 to 216, while 153 issues were unchanged.
quote.yahoo.com^N225&d=3mm |
