Nikkei: 9,708.39 (-46.71) Hang Seng: 23,801.90 (+274.38) Shanghai Comp: 2,967.00 (+38.89)JAPAN'S NIKKEI average began a new financial year with a small gain yesterday, running out of steam after hitting a key technical resistance level, with investors piling back into property shares seen as oversold.
Portfolio managers said gains were limited as investors wanted to lighten recently built positions ahead of the weekend and before the release of US payroll data later in the day.
Shares in Japan’s two biggest publicly traded property firms, Mitsubishi Estate and Mitsui Fudosan, jumped more than 3 per cent after Goldman Sachs said that property shares were oversold on post-quake concerns.
Marubeni, among Japan’s top traders, rose 2.5 per cent to ¥614, while second-ranked Mitsui climbed 1.7 per cent to ¥1,516 in heavy trade.
Tokyo Electric Power declined 7.3 per cent to ¥421 and closer to the all-time low of ¥393 after advancing early during the session.
Traders said Tokyo Electric’s stock was mainly driven by short-term speculators trying to take advantage of massive volatility in the shares since the earthquake. – (Reuters)
