Yahoo!  My Yahoo!  Mail
				News Home - Help

News Home Top Stories World Asia Pacific Business Technology Entertainment Sports Photos -- News by Country -- Indonesia Malaysia Philippines Singapore Thailand -- Greater Asia -- China Hong Kong Taiwan
	Yahoo! Asia News Search Yahoo! News

		advertisement
Wednesday September 19, 1:43 PM Japan Hot Stocks-Aioi, PanaHome, TDK, Cosmo Oil, trading firms TOKYO, Sept 19 (Reuters) - The benchmark Nikkei average rises 3.4 percent and the broader TOPIX is 3.6 percent higher as of 0530 GMT on Wednesday. The following stocks are on the move: **AIOI SURGES ON CREDIT SUISSE UPGRADING** Aioi Insurance Co Ltd jumps 6.6 percent to 614 yen after Credit Suisse raised its rating to "outperform" from "neutral." The brokerage said the Aioi shares now look undervalued after their price has dropped more than a fall in the insurer's unrealised gains on equities holdings warrants. 0527 GMT **PANAHOME RISES AGAIN ON CREDIT SUISSE TARGET PRICE** Shares of PanaHome Co up 6.2 percent at 701 yen, adding to a 4.3 percent gain in the previous session in a rally sparked by Credit Suisse raising its target price on the house builder to 1,090 yen from 860 yen while keeping its "outperform" rating. Credit Suisse cited PanaHome's decision to close half of its factories and cut its workforce by 1,086 as part of a restructuring. Credit Suisse said the move would lower annual costs by 7.9 billion yen. "Although PanaHome will shrink its workforce by 20 percent, there will be no reduction in the sales force, so we expect the impact on selling activities to be minor," Credit Suisse said in a note to clients dated Sept. 14. PanaHome is owned 27 percent by Matsushita Electric Industrial Co Ltd and 27 percent by Matsushita Electric Works 0505 GMT **TDK JUMPS ON DAIWA UPGRADE** Shares of TDK Corp are up 4.6 percent at 10,140 yen after Daiwa Institute of Research upgraded its rating to "2" from "3," citing an expected sharp recovery in the firm's earnings led by its hard disk drive (HDD) heads business. "TDK's attractive value should garner a lot of investor attention when short-term earnings gain momentum," Daiwa analyst Takumi Sado wrote in a note to clients. 0440 GMT **COSMO OIL JUMPS ON ABU DHABI INVESTMENT** Cosmo Oil Co jumps 5.7 percent to 575 yen on news that an investment arm of the Abu Dhabi government will spend about $776 million to buy one-fifth of Cosmo, becoming the top shareholder in Japan's fourth-largest oil company. [ID:nT221205] Yoshihisa Miyamoto, analyst at Okasan Securities Co., said the investment would make Cosmo comparable with Japan's top oil refiner Nippon Oil Corp thanks to the Abu Dhabi company's partnerships with global oil and natural gas companies including South Korea's Hyundai Oil Refinery. 0200GMT **TRADING COMPANIES JUMP ON HIGHER OIL, METAL PRICES** Mitsui & Co , Japan's No.2 trading company with large stakes in oil fields, jumps 5.2 percent to 2,550 yen, while Marubeni Corp , the fifth-biggest trading company, rises 5.8 percent to 935 yen. No.3-ranked Sumitomo Corp gains 4.6 percent to 2,075 yen. The Federal Reserve's interest rate cuts on Tuesday were welcomed by the market as a step to boost the economy and demand for oil, helping U.S. crude oil futures end at an all-time high above $81 and boosting copper and nickel prices. 0159GMT **BANKS SURGE IN WAKE OF FED RATE CUT, WALL STREET RALLY** Bank shares surge in the wake of a Federal Reserve rate cut of 50 basis points in the key benchmark interest rate and rally on Wall Street, with Mitsubishi UFJ Financial Group jumping by 6 percent to 1.05 million yen. Other banks surged as well, with Mizuho Financial Group up by 5.3 percent at 637,000 yen and Sumitomo Mitsui Financial Group up 5.2 percent at 815,000 yen. 0020 GMT **MITSUBISHI HEAVY UP ON RUSSIAN POWER PLANT REPORT** Mitsubishi Heavy Industries Ltd jumps 4.1 percent to 661 yen after a newspaper report that Japan's biggest machinery maker will enter Russian power plant market. The Nikkei business daily said on Wednesday Mitsubishi Heavy will enter the market for power plant facilities in Russia through an alliance with Russian-held investment group Renova. [ID:T178836] 0022 GMT (For IPO news, data and diary, click)