Wednesday December 3, 01:11 AM
Japan Hot Stocks-Steelmakers, ABC Mart, Hitachi, Fast Retailing
TOKYO, Dec 3 (Reuters) - The benchmark Nikkei (news) average rose 1.6 percent and the broader TOPIX added 1.3 percent as of 0044 GMT on Wednesday.
The following stocks were on the move:
**STEELMAKERS FALL AFTER REPORT OF FURNACE SHUTDOWNS**
Shares of steelmakers fell, underperforming a rise in the wider market, after the Nikkei business daily reported that top Japanese steelmakers are considering temporarily shutting down blast furnaces as early as this month in a move to cope with falling demand.
Shares of JFE Holdings (Frankfurt: 724564 - news) fell 1 percent to 2,080 yen, while Kobe Steel (Frankfurt: 858737 - news) was flat at 150 yen.
The Nikkei said JFE Steel Corp, the core unit of JFE Holdings, is considering shutting down some of its seven blast furnaces in Kurashiki and Fukuyama in western Japan, possibly on a rotating basis, while Kobe Steel is deciding whether to shut down one of its three furnaces in western Japan.
The shutdowns may be for two or three days.
Nippon Steel Corp (Berlin: NPS.BE - news) was down 1.1 percent at 267 yen after the paper said the steelmaker may extend the suspension of a blast furnace in western Japan.
0046 GMT
**ABC MART JUMPS AFTER REPORTING SOLID NOVEMBER SALES**
ABC Mart Inc rallied 5.4 percent to 3,530 yen, the highest intraday level since February 2006, after the shoe retailer said its same store sales rose 6.6 percent in November from the year earlier thanks to strong sales of ladies' boots and business shoes.
0034 GMT
**HITACHI UP ON NEWS TO DEVELOP SSD WITH INTEL**
Shares of Hitachi Ltd (Xetra: 853219 - news) gained 2.7 percent to 421 yen after the Japanese electronics conglomerate said it and U.S. chipmaker Intel Corp (NASDAQ: INTC - news) would jointly develop solid state drive (SSD) memory devices, which are seen as a promising alternative to hard disk drives.
The move marks a strategic shift for Hitachi, the world's third-largest hard drive maker, which until now has not made a commitment to SSD technology.
0026 GMT
**FAST RETAILING AWASH WITH BUY ORDERS ON NOV SALES**
Shares of Fast Retailing Co Ltd (Frankfurt: 891638 - news) were untraded due to a glut of buy orders at 10,290 yen, up 5.1 percent from Tuesday's close, after it said November same-store sales at its domestic Uniqlo casual clothing chain jumped 32.2 percent from the same month a year earlier, marking the biggest monthly gain since March 2001.
0018 GMT
**HONDA SLIPS ON REPORT TO DELAY OVERSEAS EXPANSION**
Shares of Honda Motor (Paris: JP3854600008 - news) fell 1.3 percent to 1,862 yen after the Nikkei business daily reported the automaker is scaling back its overseas expansion plans, freezing a project to boost capacity in Turkey and delaying a second plant in India by at least a year.
0010 GMT
(For IPO news, data and diary, click, for stocks click)
(Reporting by Aiko Hayashi)
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