Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News  >  Markets

News : Markets

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

ASIA MARKETS: Asia Stocks Gain, Smartphone Sales Help Japan

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

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

Stocks mentioned in the article
ChangeLast1st jan.
APPLE -4.10% 165.72 Delayed Quote.-2.07%
CENTRAL JAPAN RAILWAY COMPANY -0.36% 20795 End-of-day quote.1.22%
EAST JAPAN RAILWAY COMPANY 1.09% 10190 End-of-day quote.-8.69%
FUJIFILM HOLDINGS CORP -0.07% 4357 End-of-day quote.-7.42%
KDDI CORP 0.51% 2845 End-of-day quote.0.21%
KDDI CORPORATION -2.86% 25.86 Delayed Quote.4.70%
KEISEI ELECTRIC RAILWAY CO LTD 0.44% 3430 End-of-day quote.-6.28%
KOMATSU LTD -0.62% 3708 End-of-day quote.-10.65%
KOSPI COMPOSITE INDEX -0.17% 2471.21 Real-time Quote.0.58%
NIKKEI 225 -0.33% 22088.04 Real-time Quote.-2.65%
NTT DOCOMO INC 0.04% 2761.5 End-of-day quote.2.28%
RIO TINTO -2.22% 3899.5 Delayed Quote.1.14%
RIO TINTO LIMITED 1.40% 81.66 End-of-day quote.6.23%
S&P/ASX 200 0.29% 5886 Real-time Quote.-3.24%
SOFTBANK GROUP CORP 0.73% 8277 End-of-day quote.-10.23%
WESFARMERS LTD 1.23% 42.01 End-of-day quote.-6.57%
YAHOO JAPAN CORPORATION -0.44% 449 End-of-day quote.-13.82%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Markets"
02:50pDeutsche Bank joins growing swell of optimism for UK stocks
02:50pMARKET SNAPSHOT : Stock Investors Are Freaking Out About Bonds Ending A 3 Decadelong Bull Run--but Should They Be?
02:15pS&P 500, Nasdaq Futures -- Technical Analysis
02:10pStocks stumble as U.S. yields near 3 percent barrier
02:10pStocks stumble as U.S. yields near 3 percent barrier
02:07pStocks stumble as U.S. yields near three percent barrier
01:54pMARKET SNAPSHOT : Stock Investors Are Freaking Out About Bonds Ending A 3 Decadelong Bull Run--but Should They Be?
01:51pTreasury Yield Nears 3%; Stocks Edge Lower
01:35pTSX futures flat as U.S. yields hover near critical mark
01:34pMARKET SNAPSHOT : Stock-market Investors Are Freaking Out About The Bond Market--but Should They Be?
Latest news "Markets"