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November 05, 2008 Wednesday Ziqa'ad 6, 1429



Nikkei up nearly 6pc


TOKYO, Nov 4: Japan’s Nikkei average rose 5.9 per cent on Tuesday, boosted as exporters such as Toyota Motor Corp climbed, with electronics maker Panasonic jumping after sources said it was planning to take over Sanyo Electric.

Shares of big Japanese banks such as Mitsubishi UFJ Financial Group and Mizuho Financial Group advanced after Credit Suisse raised its stance on the sector to “overweight”, saying that all bad earnings news is likely out after a series of profit warnings last week.

A wave of short-covering after the Nikkei slid more than 5 per cent on Friday to cap the worst month in its 58-year history boosted shares across the board.

The benchmark Nikkei was up 5.9 per cent, a gain of 505.97 points, at 9,082.95. The broader Topix was up 5.1pc at 911.55.

Toyota climbed 5.4 per cent to 3,920 yen and Mitsubishi UFJ Financial Group rose 6.5 per cent to 636 yen. Sumitomo Mitsui Financial Group gained 7.6pc to 412,000 yen.—Reuters







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