Nikkei: 9,547.79 (+99.58) Hang Seng: 22,496.00 (–12.08) Shanghai Comp: 2,730.05 (+29.67)THE NIKKEI average rose yesterday, helped by sporadic buying from Asian investors and gaining momentum after China inflation data provided no nasty surprises.
Tokyo Electric Power’s stock soared after Japan’s cabinet approved a compensation scheme for people affected by the crisis at its crippled Fukushima nuclear plant. It jumped 25 per cent to 249 yen. Other utilities also gained. Kansai Electric Power added 10 per cent to 1,277 yen and Chubu Electric Power gained 13 per cent to 1,307 yen.
Banks ended higher, with Sumitomo Mitsui Financial Group rising 2.2 per cent to 2,345 yen, Mitsubishi UFJ Financial Group adding 2.2 per cent to 372 yen and Mizuho Financial Group gaining 1.6 per cent to 124 yen.
China shares traded higher in early trade, boosted by May inflation data that fell largely within expectations. China National Building Materials rose 4.7 per cent
Property giants Poly Real Estate and China Vanke gained 6.9 per cent and 3.8 per cent. Those gains helped the Shanghai property sub-index extend its outperformance against the broader market so far in June. – (Reuters)
