Stocks advance as weak yen boosts exports

Nikkei:9,794.38 (–64.82) Hang Seng:23,336.00 (+176.86) Shanghai Comp:2,873.03 (+9.14)

TOKYO’S NIKKEI 225 remained under pressure yesterday after returning fears over the safety of Japan’s nuclear infrastructure hit utility stocks.

The selling came after Japanese prime minister Naoto Kan called for Chubu Electric Power to suspend operations at its Hamaoka reactor. Chubu’s stock closed down 10.3 per cent at ¥1,584

Its losses were limited by gains for exporters, helped by a weaker yen. Sony bounced 2.1 per cent to ¥2,309 after the recent bout of heavy selling. Elpida Memory was 4 per cent higher at ¥1,262. But Fast Retailing fell 4.2 per cent to ¥12,310.

BHP Billiton, the world’s biggest mining company, rose 0.4 per cent to A$44.8 and Woodside Petroleum, Australia’s oil and gas producer, was up 1.2 per cent at A$45.9.

Hong Kong’s Hang Seng index rose ending an eight-session losing streak. Cnooc advanced 1.8 per cent to HK$18.3 and PetroChina added 1.7 per cent to HK$10.66. Chinese property developers rebounded with China Overseas Land & Investment up 3.8 per cent to HK$14.80. – (Copyright The Financial Times Limited 2011)