Alexa
  • Directory of Taiwan

Japan stocks flat, fundraising worries hit banks

Japan stocks flat, fundraising worries hit banks

Japanese stocks finished virtually flat Tuesday as weak banking shares offset a rise among retailers.
The benchmark Nikkei 225 stock average edged up 3.83 points, or 0.04 percent, to 10,638.06 in an erratic session. The Nikkei hit a new four-month high again after Monday's rally, though the index fell just short of a year high of 10,639.71 reached on Aug. 26.
The broader Topix index added 0.1 percent to 915.87.
Retailers, market laggards this year, posted solid gains after clothing chain company Shimamura Co. reported a 15 percent rise in net profit in the nine months through Nov. 20. The issue jumped 3.5 percent to 8,780 yen.
Credit Suisse reiterated its highest "buy" rating on the issue, despite the impact of falling prices on the sector.
"Strong marketing measures and initiatives to strengthen the product offering has resulted in a buoyant sales trend," analyst Takahiro Kazahaya said.
Also climbing was FamilyMart Co., which added 1.3 percent to 2,775 yen. The major convenience store operator completed its acquisition of rival am/pm Japan and said it plans to open more stores in China next fiscal year.
Banks, however, succumbed to renewed concerns about fundraising amid reports that Sumitomo Mitsui Financial Group may sell new shares to boost its capital base.
It tumbled 2.8 percent to 2,655 yen, while bigger rival Mitsubishi UFJ Financial Group Inc. lost 0.9 percent to 454 yen.
Japan Airlines Corp. plunged 8.3 percent to 88 yen after the Nikkei financial daily reported that bankruptcy may be an option for the struggling carrier. The government-affiliated group responsible for reviving Japan Airlines has listed legal bankruptcy as a potential path, the Nikkei said.
In currencies, the dollar rose to 91.72 yen from 91.62 yen late Monday. The euro rose to $1.4416 from $1.4376.


Updated : 2021-06-17 07:01 GMT+08:00