Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

ASIA MARKETS: Asia Stocks Gain, Smartphone Sales Help Japan

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/30/2013 | 02:23am CET

By Sarah Turner, MarketWatch

SYDNEY (MarketWatch) -- Asia stocks gained on Wednesday, as several Japanese telecom and technology companies benefitted from smartphone exposure, while South Korea and Australia also saw some buying ahead of a policy decision from the U.S. Federal Reserve.

Japan's Nikkei Stock Average rose 0.9%, while South Korea's Kospi moved up a more moderate 0.4%, and Australia's S&P/ASX 200 index advanced 0.3%.

Monetary policy was on the agenda for investors, with the U.S. Federal Reserve due to wrap up a two-day policy meeting later Wednesday. Investors were on alert for any signals as to the duration of the Fed's bond-buying program.

With Spanish and U.S. gross domestic product figures also due out, "data releases ahead of the Fed FOMC rate decision today will keep markets busy, but activity will be limited, and markets will move sideways until the Fed delivers its outcome," Crédit Agricole strategist Mitul Kotecha said.

U.S. stock gains Tuesday set up a mostly positive lead for Asia, with pharmaceutical giant Pfizer Inc. (>> Pfizer Inc.) leading blue-chip gains after reporting fourth-quarter earnings that beat estimates.

Earnings outlooks gave the Japanese market an extra boost on Wednesday, as Yahoo Japan Corp. (>> Yahoo Japan Corporation) surged 18.8% after updating its fiscal-year earnings forecast to a 10%-11% gain year-on-year, amid growing online advertising revenue, including for smartphones.

Telecoms also saw earnings-related buying, with Softbank Corp. (>> Softbank Corp) up 2.8% after the Nikkei reported that the wireless carrier is expected to post a 10% gain for its April-December operating profit, helped by sales of Apple Inc.'s (>> Apple Inc.) iPhone.

Rival KDDI Corp. (>> KDDI Corp) -- which also sells the iPhone, and which already posted a 40% gain in its October-December operating profit late Monday -- saw its shares rise another 2.6% on Wednesday.

Also among the wireless carriers, NTT DoCoMo Inc. (>> NTT Docomo Inc) traded up 0.2%, even as a separate Nikkei report tipped a 9% lower nine-month operating profit for the firm.

Central Japan Railway Co. jumped 8.4% after reporting a 49% rise in nine-month net profit, while among other rail shares, Keisei Electric Railway Co. rose 1.3% and East Japan Railway Co. gained 1.5%.

On the downside in Tokyo, Komatsu Ltd. (>> Komatsu Ltd) lost 1%, and Fujifilm Holdings Corp. (FUJI) fell 1.9% after both firms cut their earnings outlooks while issuing weaker quarterly results.

In South Korean trading, Samsung Electronics Inc. (>> Samsung Electronics Co., Ltd.) rose 1%, while rival chip maker SK Hynix Inc. (>> HYNIX SEMI GDS) rose 2.3% after reporting a swing to quarterly profit thanks to rising chip demand on the release of new smartphones and other devices.

Australia saw major mineral extractors advance, with Rio Tinto Ltd. (>> Rio Tinto plc) up 1.1%, and BHP Billiton Ltd. (>> Rio Tinto plc) higher by 0.9%.

The move in the mining sector offset losses for consumer-staples firms, including Coles supermarket owner Wesfarmers Ltd. [(>> WESFARMER ADR), which traded down 0.9% after reporting second-quarter sales figures.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
05:23p PT MULTISTRADA ARAH SARANA TBK : Paris Saint-Germain, Multistrada, and Bali United Work Together to Fulfill Larger Dreams of Indonesian Children
05:22p DP WORLD : Room to lever up in GCC bond market
05:22p AVIAREPS, the global representation leader providing international market growth opportunities to a portfolio of more than 100 airlines and 150 travel and tourism clients worldwide, arrived in Kuwait
05:14p AMERICAN AIRLINES : Travel Air Fare
05:07p TOTAL : KP Chair holds talks on rough diamond with South Korean officials
05:04p LONDON STOCK EXCHANGE : Deutsche Boerse chief seeks to reassure Frankfurt on merger plan
05:03p NZME : Win with Driven
05:03p BAYERISCHE MOTOREN WERKE : Turbomeister skin a bow to past
05:03p KIA MOTORS : German soul at the heart of Kia
05:03p COCA COLA AMATIL : Overcoming bias the biggest challenge
Latest news
Advertisement
Hot News 
16.12%PANDORA MEDIA : Open to Sale -CNBC's Faber
4.77%EXCLUSIVE - TRUMP FINANCIER LADDER CAPITAL EXPLORES SALE : sources
-2.22%STARBUCKS : CEO steps down to focus on high-end coffee, shares fall
8.45%BERKELEY : says demand down 20 percent after tax hike, Brexit
3.57%Vivendi denies considering Telecom Italia involvement in pay-TV deal
Most Read News
12/03 NOVARTIS : presents results from first global registration trial of CTL019 in pediatric and young adult patients with r/r B-ALL
12/03 WAL MART STORES : Mart where 3 died when truck hit store to reopen Sunday
12/03 TOTAL : Areh wins Life/NB tennis tournament
12/03 YORK WATER : A walk through York's holiday history
12/03 NETFLIX : Afghanistan’s First Female Rapper, Paradise Sorouri Finds a Voice for Women
Most recommended articles
12/02 Platts considers first addition to Brent basket since 2007
11/30DJCash Crunch Looms Over India's Growth Spurt
11/27DJOil Industry Anticipates 'Peak Demand' Day of Reckoning
11:04a LONDON STOCK EXCHANGE : Deutsche Boerse chief seeks to reassure Frankfurt on merger plan
07:52a NOVARTIS CEO PLAYS DOWN PROSPECTS FOR ACTELION BID : Blick