Date: Wednesday 14 Jul 2010
The Nikkei rallied 2.7% on Wednesday after bellwether Intel reported its best quarter ever.Advantest surged 5.5% to 2,010 yen while Nikon rallied 2.1% to 1,644 yen in Tokyo.
A fresh wave of buyers dipped into today’s session following Intel's better than expected sales forecast. The upbeat forecasts rekindled optimism in the global recovery.
All eyes are on the US corporate earnings season as traders largely overlooked Moody’s downgrade of Portugal’s sovereign credit rating. Investors also cheered a strong response to Greece's bill auction.
Elsewhere in Tokyo shares in Mizuho Financial jumped 3% after the group set a better than expected price of 130 yen per share for its public offering in a few weeks time.
Car stocks also made plenty of friends after Greece’s successful bill auction soothed concern about Europe. Shares in Honda surged 3.98% while Toyota charged 4.16% ahead.
The Nikkei 225 index closed up 258 points at 9,795 in Tokyo.
The Hang Seng also gained, rising to a two week high, as Intel’s results provided fresh optimism about a global recovery. Data showing Singapore’s economy grew at a record rate also boosted buyer appetite.
Computer maker Lenovo shot 6% higher after Intel’s strong results. Shares inSemiconductor Manufacturing International rose nearly 2%.Other stocks on the move included Esprit which bounced 3.6%. Li & Fung advanced 2.7% in Hong Kong.
The Hang Seng index rose 129 points at 20,561.
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