Asia: Nikkei recovers as Honda, Nissan motor ahead
The Nikkei settled higher Thursday, after a choppy session, as a strong performance among carmakers outweighed weakness among commodities.Honda jumped 8.6% in Tokyo after it raised its full year outlook yesterday and revealed a modest profit in the last quarter. Nissan rallied 7% after it reported a smaller than expected quarterly loss.
Sony rose over 6% ahead of its quarterly earnings. After the bell the group reported a smaller than expected loss. Net loss was 37.1bn yen compared with profit of 35bn yen the same time a year earlier.
Nintendo posted a 61% decline in quarterly profit as sales its Wii game consoles waned. Net income fell to 42.3bn yen in the three months ended 30 June from 107.4bn yen the same time a year before.
Commodity stocks came under pressure after Sumitomo Metal Mining posted a decline in first-quarter earnings. A sharp drop in the prices of crude oil also weighed on related stocks such as Inpex and trading house Mitsubishi Corp.
The benchmark Nikkei 225 index closed up 51 points at 10,165 in Tokyo.
The Hang Seng regained ground, finishing up nearly 100 points as real estate companies powered ahead. Sun Hung Kai Properties rose 1.4%, New World Development added 1.6% while Hang Lung Properties rose 2.1%.
Banks were mixed with shares in HSBC, Bank of China lost 0.26% while Industrial & Commercial Bank of China rose 0.36%.
PetroChina fell 0.66% after falling nearly 2% earlier in the session.
The Hang Seng index finished up 98 points at 20,234 in Hong Kong.
Indices
| Index | Value | % Change |
|---|---|---|
| Nikkei 225 | 10,165.21 | +0.51% |
| Hang Seng | 20,234.08 | +0.49% |
| Straits Times | 2,623.22 | +0.74% |
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