Tokyo markets up on domestic rebound

| February 21, 2006 | 0 Comments

Reversing recent declines, domestic sectors in Japan posted huge gains on Tuesday, sending the Nikkei 225 and Topix indicies up to their sharpest rises in three weeks.

The Nikkei was up a full 3 percent to 15,894.94, while the Topix index gained 2.5 percent to 1,612.56.

The real estate sector had the largest gains, up 8.1 percent overall, while retailers gained 4.5 percent and construction stocks grew by 4.9 percent as a sector. Banking advanced by 2.5 percent, while securities companies gained 6.3 percent. The gains came on the news that foreigners buying stocks outnumbered those selling for the first time in two weeks.

In the retail sector Fast Retailing, Japan’s largest casual clothes manufacturer, gained 8.4 percent to ¥10,560 on the announcement that it will open a store in New York City.

Kajima, Japan’s biggest general construction contractor, advanced by 10.2 percent to ¥671.

In the banking sector, Mitsubishi UFJ gained 1.9 percent to ¥1,600,000, while Mizuho rose 3.3 percent to ¥899,000. Meanwhile, Daiwa securities was up 6.4 percent to ¥1,309.

Japan’s biggest real estate companies saw gains on the day in the range of six to nearly twelve percent. Mitsui Fudosan gained 7.1 percent to ¥2,345, while Tokyu Land grew by the same percentage to ¥1,023. Mitsubishi Estate gained 6.2 percent to ¥2,385. The biggest gains in the sector came from Sumitomo Realty & Development, which gained 10.2 percent to ¥2,645 and from NTT Urban Development, which was up 11.9 percent to ¥938,000.

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