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Japanese shares edge up, defence sector gains on strained S.Korea ties

Published 08/23/2019, 09:50 AM
Japanese shares edge up, defence sector gains on strained S.Korea ties
JP225
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TOPX
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6976
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8028
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3258
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6203
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6208
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7721
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7976
-
9603
-
6561
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By Shinichi Saoshiro
TOKYO, Aug 23 (Reuters) - Japanese stocks edged higher on
Friday, drawing support from U.S. markets, with investors eyeing
a speech later in the global day from Federal Reserve Chairman
Jerome Powell for any clue on further easing in U.S. interest
rates.
The Nikkei share average .N225 was up 0.28% at 20,686.85
as of 0140 GMT.
Travel services provider H.I.S. Co 9603.T advanced 4.6%
after Nikkei Business reported that it plans to withdraw from a
financially taxing takeover bid for hotel operator Unizo
Holdings 3258.T , which has received a higher offer from an
investment group. Shares linked to the defence industry gained on an expected
increase in regional tensions after South Korea on Thursday
opted to scrap an intelligence-sharing pact with Japan,
deepening a dispute which has undercut security cooperation over
North Korea.
Defence equipment maker Ishikawa Seisakusho Ltd 6208.T
rose 9.3% and Howa Machinery Ltd 6203.T , which makes firearms,
gained 4.9%. Defence communication equipment manufacturer Tokyo
Keiki Inc 7721.T advanced 3.9%.
But Hanatour Japan Co 6561.T , which operates holiday tours
to Japan from South Korea, was down 5.6% with increasing
friction between Seoul and Tokyo expected to negatively affect
inbound tourism.
Mitsubishi Pencil Co 7976.T climbed 6% after it announced
a buy back of up to 1.68% of its own shares through March 24,
2020. The largest percentage gainer in the index was FamilyMart
UNY Holdings Co Ltd 8028.T , which was up 5.9%. The biggest
percentage loser was Taiyo Yuden Co Ltd 6976.T , last down
2.9%.
There were 141 advancers on the Nikkei index against 75
decliners.
The broader Topix .TOPX gained 0.27% to 1,502.07.

(Editing by Simon Cameron-Moore)

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