Nikkei: 9,694 (+ 188.76) Hang Seng: 23,684 (+499.81) Shanghai Comp: 2,743 (+37.11)THE NIKKEI average rose 2 per cent yesterday, encouraged by manufacturers' predictions of stronger output in coming months and by a weaker yen after the euro climbed and Moody's put Japan's credit ratings on review for possible downgrade.
Also helped by a climb in solar-energy shares on news that Germany will shut all its nuclear reactors by 2022, the Nikkei pushed above resistance near 9,660, its 25-day moving average. The benchmark Nikkei share average rose 1.99 per cent to 9,693.73, posting its biggest one-day percentage gain in two months.
Euro-sensitive stocks outperformed, with Mazda Motor rising 1.5 per cent to 205 yen and Canon Inc gaining 2.1 per cent to 3,905 yen. Among solar-energy stocks, panel-maker Sharp Corp rose 2.7 per cent to 760 yen while panel equipment manufacturer Ulvac surged 2.1 per cent to 2,057 yen.
Tokyo Electric Power Co dropped 2.8 per cent to 317 yen after ratings agency Standard and Poor’s cut its credit rating to junk status on Monday, saying the utility’s lenders were more likely to be forced to write off debt as part of a plan to compensate victims of the Fukushima crisis. – (Reuters)
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