Monday November 17, 04:58 AM
Japan Hot Stocks-Drugmakers, Daiwasystem, Elpida, Orix
TOKYO, Nov 17 (Reuters) - The benchmark Nikkei (news) average rose 2.1 percent and the broader TOPIX gained 1.5 percent as of 0433 GMT on Monday.
The following stocks were on the move:
**DRUGMAKERS GAIN AS INVESTORS PICK UP DEFENSIVE STOCKS**
So-called defensive stocks such as drugmakers gained to help buoy the overall market, as investors remained cautious amid the global economic turmoil.
Takeda Pharmaceutical Co (Berlin: TKD.BE - news) , Japan's largest drugmaker, climbed 3.8 percent to 4,870 yen, while Daiichi Sankyo Co (Stuttgart: A0F57T - news) jumped 7.4 percent to 2,000 yen and Eisai Co (Frankfurt: 855526 - news) added 4.9 percent to 3,450 yen.
Separately, Eisai said on Monday that the U.S. Food and Drug Administration approved BANZEL, which is for the treatment of seizures.
0434 GMT
**DAIWASYSTEM TUMBLES AFTER LOSS WARNING**
Shares of Daiwasystem Co fell 15.6 percent to 200 yen after the property developer announced on Friday that it expected to post a net loss this business year instead of a profit, hit by a downturn in Japan's apartment market. Daiwasystem, which is 12 percent-owned by home builder Daiwa House Industry Co (Stuttgart: 856805 - news) , said sales of apartments have been weaker than it expected and it would book a 2.36 billion yen special loss to pull out of development projects.
0200 GMT
**ELPIDA TUMBLES AFTER CONVERSION PRICE REVISION**
Elpida Memory (Berlin: FNO.BE - news) , the world's No.3 maker of dynamic random-access memory, plunged 11.3 percent to 424 yen after saying on Friday it would revise down the conversion price for 50 billion yen ($518.6 million) worth of newly issued convertible bonds to the lowest possible figure of 509 yen.
0120 GMT
**ORIX SLIDES ON REPORTS OF CONVERTIBLE BOND**
Shares of financial services firm Orix Corp (Frankfurt: 851769 - news) fell 9.8 percent to 8,500 yen after Japanese media said the company was considering issuing about 150 billion yen worth convertible bonds to bolster its financial base.
If 150 billion yen worth of bonds were converted at the current stock price, it would boost the number of shares outstanding by about 19 percent.
0100 GMT
**PROPERTY FIRMS PLUNGE ON WEAK TOKYO OFFICE RENT SURVEY**
Major real estate firms plunged, with Japan's top property company Mitsui Fudosan Co (Frankfurt: 858019 - news) sliding 7.5 percent to 1,350 yen, after the Nikkei business daily said rent charges for new office buildings in Tokyo had declined for the first time in six years.
Mitsubishi Estate Co (Berlin: MES.BE - news) fell 8.2 percent at 1,355 yen and Sumitomo Realty & Development Co Ltd declined 8.7 percent to 1,198 yen.
The Nikkei survey showed that building owners were lowering rents because tenants have become less willing to expand or move to new offices amid the economic slump.
0056 GMT
**SUMITOMO MITSUI FINANCIAL GROUP DOWN ON EARNINGS**
Sumitomo Mitsui Financial Group (SMFG), Japan's No. 3 bank, slipped 4.7 percent to 344,000 yen after posting on Friday a 51 percent fall in quarterly profit on a jump in bad loans, but said it had no plans to follow its rivals in raising capital.
Separately, the Nikkei business daily said on Monday that SMFG's core banking unit will form a business partnership with Bank of East Asia (0023.HK - news) , a major Hong Kong financial institution, to help it expand in Asia.
0040 GMT
(For IPO news, data and diary, click, for stocks click)
(Reporting by Elaine Lies; Editing by Hugh Lawson)
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