| CATEGORY: MARKET REPORT - ASIA |
Asia: Nikkei winning streak ends |
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Tue 28 Jul 2009
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LONDON (SHARECAST) - The Nikkei finished flat after wavering in and out of positive territory as the nine-day rally ran out of steam.
Advantest lost its grip on recent gains while Canon was in focus after it posted quarterly earnings after the close. Canon said second-quarter profit slumped over 80% after weak demand for its products and slashed it full year sales target.
Other shares on the move included Sumitomo Mitsui Financial, up 3.4%, after Nomura placed a "buy" recommendation on the stock. Mitsubishi UFJ Financial gained.
Elsewhere steelmaker JFE Holdings rallied over 3% after Goldman Sachs said earnings at the group are expected to improve.
The Nikkei 225 index closed down 1 point or 0.01% at 10,087 in Tokyo.
The Hang Seng rose 0.8% with China Mobile extending Friday’s strong gains. Esprit Holdings rose again, up 4%.
Hang Seng Bank rose 2.7% ahead of its first-half earnings due next Monday. Heavyweight HSBC however fell into the red.
Property stocks continued to do well on optimism about a pickup in the local real estate market. New World Development jumped 3.5% while Hang Lung Properties rose 1.7%.
The Hang Seng index closed up 358 points at 20,610 in Hong Kong.
Cathay Pacific Airways rose, adding to the previous session's gains, after it announced it would increase ticket surcharges by 33% in August and September as fuel prices increase.
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