Nikkei Gives Up Most of Intra-Day Gains; TOPIX Broadly Higher; Lags Surges in Hong Kong and India

Japan market summary for Tuesday (Oct. 23)
Nikkei 225 Stock Average: +12.11 (+0.1%) to 16,450.58; first gain in 3 sessions albeit a limited one
Nikkei 225 futures Osaka: +40 (+0.2%) to 16,480, Singapore (SGX) +20 (+0.1%) to 16,485, Chicago (CME) *10/22 +50 (+0.3%) to 16,510
TOPIX: +7.48 (+0.5%) to 1,570.55; Advancers 1,007 x decliners 596 (unch. 122), New highs 8 x new lows 48; 23/33 sectors traded higher
Nikkei Jasdaq: -1.92 (-0.1%) to 1,856.67
Yen: weakened 0.5% against the US$ last trading near 114.40 level late in Tokyo; strengthened 0.1% against the euro to about the 162.65 level


Notes: Emerging indices MOTHERS and HERCULES diverged Tuesday for the first time in a while, with MOTHERS losing 0.9% and HERCULES up 1.2%. Country benchmarks rallied strongly across Asia including a 1,000 point gain for the Hang Seng to recover the 19,000 level and almost 880 points to the upside for the BSE 30 to nearly recover 18,500. The Shanghai Composite also rallied, up just under 2% to 5,773. Returning to the 6,000 level is certainly on domestic and foreign investors’ minds alike. Bullishness in Asia bodes well for Japanese stocks in terms of sentiment, however, keep in mind that any foreign money chasing the equities rallies in China, Hong Kong, India, Malaysia, Singapore, etc, means that’s not money coming into Japan. That said, there’s been a marked increase in Asia professional/institutional investor interest in Japanese equities. Still, the prominent players among foreign investors in Japan remain in Western countries.