| CATEGORY: MARKET REPORT - ASIA |
Asia: Nikkei back above 10,000 |
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Fri 04 Dec 2009
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LONDON (SHARECAST) - The Japanese Nikkei index ended the session above 10,000 on Friday for the first time since late October, making it an impressive 10% gain for the week.
Exporters were mixed, with camera giant Canon doing well after the Bank of Japan said earlier this week it would pump 10 trillion yen into the financial system through the purchase of bonds and other assets.
Electronics group Sony and Honda also rose, but Toyota failed to attract interest, ending the session down almost 1%.
The Nikkei added 44 points today to finish the week at 10,022, up from 9,081 at last Friday’s close when fears about Dubai’s debt panicked investors.
A Credit Suisse upgrade to "outperform" from "neutral" helped Japan Tobacco. The broker thinks the danger of a big hike in tobacco taxes has passed.
There were also gains for Japan Airlines (JAL) on news that American Airlines, other members of the Oneworld airline alliance, and private equity fund TPG are prepared to pump $1.1bn into the ailing business to stop it teaming up with rivals.
In Hong Kong, the Hang Seng slipped as banks like HSBC encountered selling pressure, nut insurers including China Life Insurance and Ping An Insurance overcame a weak start.
The leading index ended down 55 at 22,498.
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