Tuesday November 25, 05:12 AM
Japan Hot Stocks-Nidec, property developers, Toray, banks
TOKYO, Nov 25 (Reuters) - The benchmark Nikkei (news) average rose 2.6 percent, and the broader TOPIX was 1.1 percent higher by 0447 GMT on Tuesday.
The following stocks were on the move:
**SANYO TUMBLES ON PANASONIC TOB PRICE REPORT
Shares of Sanyo Electric Co Ltd (Berlin: SAE1.BE - news) tumbled after Japan's Yomiuri Shimbun reported on Tuesday that Panasonic Corp was seeking to buy Sanyo shares at 120 yen each, far below the current stock price.
But Panasonic said it has not decided anything with regard to the TOP price.
As of 0444 GMT, Sanyo was down 6.9 percent to 149 yen, while Panasonic slipped 2.2 percent to 1,366 yen.
**NIDEC UP ON SHARE BUYBACK**
Nidec Corp (Frankfurt: 878403 - news) jumped 11.7 percent to 4,670 yen after the maker of hard drive motors announced it would buy back up to 3.45 percent of its outstanding shares for up to 25 billion yen ($256.8 million).
Shares of the disk drive component maker have fallen 27 percent since October as major hard drive makers Seagate Technology (NASDAQ: STX - news) and Hitachi Ltd (Xetra: 853219 - news) warn of weaker sales in the year-end holiday season, and disk drive maker Fuji Electric Holdings Inc plans job cuts.
0200 GMT
**PROPERTY DEVELOPERS SURGE AFTER UBS UPGRADED TO 'BUY'**
Mitsui Fudosan Co (Frankfurt: 858019 - news) climbed 9.4 percent to 1,303 yen and other real estate developers also leapt after UBS (Virt-X: UBSN.VX - news) upgraded the company and some others in the industry to 'buy' from 'neutral'.
UBS analyst Toshihiko Okino wrote in a note to clients that the real estate investment market might pick up gradually from December while major real estate firms' share prices reflect an overly pessimistic scenario.
Among other developers, Mitsubishi Estate Co (Berlin: MES.BE - news) shares, which sank to a 5-year low last week, climbed 10.5 percent to 1,285 yen. Sumitomo Realty & Development Co jumped 13.3 percent to 1,308 yen those of NTT Urban Development Corp (Berlin: NY5.BE - news) leaped 13.5 percent to 84,100 yen.
0158 GMT
**TORAY UP AFTER REPORT OF CHINA JOINT VENTURE**
Shares of Toray Industries Inc (Frankfurt: 853974 - news) rose 4.8 percent to 457 yen after the Nikkei business daily said the chemicals maker would set up a venture with China's top water treatment engineering firm to produce water-filtering membranes in China.
Toray expects the Chinese market for water-filtering membranes to grow about 20 percent a year as the country suffers from water shortages, the Nikkei said.
Toray plans to establish a joint venture with China National BlueStar (Group) Co in May 2009 capitalised at 35 million dollars. Toray plans to invest about 7.5 billion yen through the venture to build a factory in Beijing, the Nikkei said.
0116 GMT
**BANK SHARES CLIMB AFTER CITIGROUP RESCUE**
Japanese bank shares climbed after the United States rescued Citigroup Inc (NYSE: C - news) in a massive bailout, bolstering investor hopes that the government will support big banks as the economy sinks into recession.
No. 2 bank Mizuho Financial Group rose 8.8 percent to 246,800 yen, while third-ranked Sumitomo Mitsui Financial Group climbed 8.2 percent to 331,000 yen. Japan's biggest bank Mitsubishi UFJ Financial Group rose 5.1 percent to 517 yen.
The banking subindex rose 5.7 percent.
0057 GMT
**JAPAN PURE CHEMICAL SOARS ON SHARE BUYBACK**
Japan Pure Chemical Co Ltd soared 11.6 percent to 221,500 yen after the company said it would buy back up to 300 million yen of its own shares, or 1.6 percent of its outstanding shares, between Nov. 25 and March 24.
0035 GMT
**SAIZERIYA FACES SELLING GLUT ON DERIVATIVES-LOSS WARNING**
Saizeriya Co was untraded with a glut of sell orders at 1,725 yen, down 60 yen or 3.4 percent from Friday's close of 1,785 yen, after the Italian restaurant chain operator said it expects to book about a 14 billion yen ($143.8 million) loss tied to foreign exchange derivatives for the three months to November due to the yen's unexpected rise against the Australian dollar.
Tokyo's stock market was closed on Monday for a national holiday.
0009 GMT
(For IPO news, data and diary, click, for stocks click)
(Reporting by Mariko Katsumura)
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