Japanese equities advanced; lenders led gains

Source: Dukascopy Bank SA
© Scanpix/Reuters
Japanese shares moved higher on Wednesday as banks and telecommunication companies rebounded after previous losses. However, concerns over the US fiscal cliff and uncertainty over Greek bailout capped gains of Japanese stocks. Moreover, lack of easing in China added pressure on Japan's blue chips. The Nikkei 225 Index gained 0.04% to close at 8,664.73. Only four in ten sectors within the index climbed. The top-gainers were telecommunications and financials. KDDI and Nippon Telegraph & Telephone jumped 1.49% and 0.96%, while Shinsei Bank and Sumitomo Mitsui Financial Group surged 3.25% and 0.04%. Banks rallied after Societe Generale announced that Japanese financial sector should outperform in 2013 after strong performance this year. Meanwhile, Sharp Corp was the top-gainer, soaring 7.24% after news that Intel Corp and Qualcomm Inc are discussing a joint investment of JPY30 billion into indebted Japanese TV maker. At the same time, basic materials dropped, Hokuetsu Kishu Paper and Dowa Holdings shed 1.81% and 3.25%.
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