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Japan Stocks Rise After U.S. Home Sales Gain; Glassmakers Surge
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Japan's stocks climbed to a two-week high after sales of existing homes in the U.S. unexpectedly rose, boosting confidence consumption in the biggest market for Japanese manufacturers will weather an economic slowdown.
Canon Inc., the world's biggest maker of digital cameras, led gains by electronics manufacturers. Mitsui & Co. and other trading companies rose on speculation global demand for commodities will increase. Nippon Electric Glass Co., the world's third-biggest supplier of glass for liquid-crystal displays, surged after forecasting higher sales and profit.
The Nikkei 225 Stock Average rose 265.13, or 2.1 percent, to close at 12,745.22 in Tokyo. The broader Topix index climbed 18.83, or 1.5 percent, to 1,242.98. Both benchmarks closed at the highest since March 12, and the Topix extended its winning streak to five days, the longest since Nov. 1.
"A sense of relief has spread among investors,'' said Mitsushige Akino, who oversees the equivalent of $594 million at Ichiyoshi Investment Management Co. in Tokyo. ``They're more confident that emerging economies will continue to drive demand growth for commodities and shipping.''
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March 25th, 2008
Source: Bloomberg |
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