LONDON (ShareCast) - The Nikkei advanced on Wednesday for the sixth consecutive day on hopes that an economic recovery is underway.
A better than expected report on US home sales fed increasing hopes that the worst of the economic downturn is
now over.
Nissan Motor was one of the biggest risers, up 1.2% to 601 yen, after it reported better than expected US sales. Sales in the US fell 33% in May but it was better than an expected 37% drop.
The Nikkei 225 index closed up 37 points at 9,741 in Tokyo.
Glassmakers were also in demand. Asahi Glass (Berlin: SHJ.BE - news) and Nippon Electric Glass both powered ahead after a string of broker upgrades. JPMorgan placed an "overweight" on both companies on expectations that sales will recover. Nippon Sheet Glass (Frankfurt: 864743 - news) also gained.
Fast Retailing (Frankfurt: 891638 - news) was up 2% after it said year on year same store sales at its Uniqlo chain surged 18.3% in May.
The Hang Seng rose over 2% as real estate plays enjoyed plenty of attention after the Land Registry said homes sale volumes in Hong Kong surged over 40% last month. New World Development pushed 4% higher.
Banks were also in demand with shares in heavyweight HSBC (LSE: HSBA.L - news) up nearly 7%, BOC Hong Kong (2388.HK - news) up 5.6% and Bank of East Asia 6.5% higher.
The Hang Seng settled up 187 points at 18,576.
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