[image: Reuters] <http://ad.doubleclick.net/click%3Bh=v8/350d/3/0/%2a/z%3B85947881%3B0-0%3B1%3B13461702%3B31-1/1%3B20232647/20250541/1%3B%3B%7Esscs%3D%3fhttp://ad.doubleclick.net/click;h=v2%7C37BB%7C0%7C0%7C%2a%7Cy;72344888;0-0;0;15639081;31-1%7C1;19840451%7C19858345%7C1;;%3fhttp://h10010.www1.hp.com/wwpc/us/en/en/WF02a/18972-236251-236268.html?jumpid=ex_r295_link/kimIPGsmb/1Q07Colorinoffice/Awards/Reuters><http://ad.doubleclick.net/jump/reuters.com.dart/printerfriendly;seg1=10126;type=sponsor;sz=1x1;taga=aaaaaaaaa;ord=8845?> * * * * <javascript:window.print()> *Close This Window*<javascript:window.close()> Nikkei rebounds after 5-day slide, softer yen helps Mon Mar 5, 2007 11:33 PM ET
(Updates to midafternoon) TOKYO, March 6 (Reuters) - The Nikkei rebounded 0.97 percent on Tuesday after five days of heavy selling as investors returned to shares of Sony Corp. <6758.T> and other companies battered by the stock slide, and a softer yen helped exporters gain ground. Shares of brokerage Nikko Cordial Corp. <8603.T> jumped nearly 14 percent as Citigroup <C.N>, the U.S. bank, is set to launch a tender offer for the scandal-hit Japanese brokerage, a Nikko spokesman said. [ID:nT329841] "The market has gone through an extensive correction but for the market to return to where it was, we need to look at jobless data due on Friday" and other numbers to see if the U.S. economy remains solid, said Tsuyoshi Nomaguchi, a strategist at the investment advisory department of Daiwa Securities Co. Ltd. Ahead of Friday when Nikkei option and futures contracts are due to be settled, the Japanese stock market is likely to remain volatile, he said. "Investors are still tiptoeing." The Nikkei <.N225> rose 160.66 points to 16,802.91 as of 0411 GMT. The benchmark lost 8.6 percent in the previous five sessions. The broader TOPIX index <.TOPX> gained 1.43 percent to 1,686.54. The dollar rebounded from a three-month low against the yen, helping Toyota Motor Corp <7203.T> and other exporters. A cheap yen helps boost earnings outside Japan when they are brought home. Toyota advanced 3.1 percent to 7,690 yen and Nissan Motor Co. Ltd. <7201.T> rose 2 percent to 1,314 yen. Investors also looked for bargains. Sony surged 4.6 percent to 5,920 yen, recouping some of its 13 percent loss in the last four sessions. Actively traded issues included Nippon Steel Corp. <5401.T> which climbed 6 percent and Sumitomo Metal Industries Ltd. <5405.T> which rose 4.7 percent. Kabu.com Securities Co. <8703.T> was bid up with buy orders at 222,000 yen, up 15.6 percent from Monday's close as Mitsubishi UFJ Financial Group (MUFG) <8306.T>, Japan's biggest bank, said it would launch a tender offer for the online brokerage. MUFG offered 240,000 yen per kabu.com share. [ID:nT310280] ------------------------------ (c) Reuters 2007. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world. *Close This Window* <javascript:window.close()> [image: Reuters] <http://ad.doubleclick.net/click%3Bh=v8/350d/3/0/%2a/z%3B85947881%3B0-0%3B1%3B13461702%3B31-1/1%3B20232647/20250541/1%3B%3B%7Esscs%3D%3fhttp://ad.doubleclick.net/click;h=v2%7C37BB%7C0%7C0%7C%2a%7Cy;72344888;0-0;0;15639081;31-1%7C1;19840451%7C19858345%7C1;;%3fhttp://h10010.www1.hp.com/wwpc/us/en/en/WF02a/18972-236251-236268.html?jumpid=ex_r295_link/kimIPGsmb/1Q07Colorinoffice/Awards/Reuters><http://ad.doubleclick.net/jump/reuters.com.dart/printerfriendly;seg1=10126;type=sponsor;sz=1x1;taga=aaaaaaaaa;ord=4062?> * * *Close This Window* <javascript:window.close()> HK shares recover; HSBC gains after results Mon Mar 5, 2007 11:49 PM ET By Rita Chang HONG KONG, March 6 (Reuters) - Hong Kong stocks rebounded 1.6 percent on Tuesday after losing more than 1,800 points since last week's sell-off, as HSBC Holdings Plc. <0005.HK> advanced after it reported 2006 earnings that traders said beat expectations. Mainland financials and other large-caps also bounced back, helping the China Enterprises index of mainland H shares <.HSCE> claw back 2.7 percent. "A 200- to 300-point rebound is to be expected, and we should get back 700 points in the next few days," said Louie Shum, managing director at Sincere Securities. "The HSBC rebound may not last because there are some factors adversely affecting the stock, especially the U.S. mortgage and housing market." The benchmark Hang Seng Index <.HSI> had risen 295.54 points to 18,960.42 by the midsession after shedding 9 percent since last week's global equities sell-off that followed the worst fall in a decade by mainland-listed stocks <.SSEC>. Turnover was HK$32.5 billion (US$4.2 billion), down from HK$37.9 billion on Monday morning. HSBC, the most active stock by midday, gained 2.1 percent to HK$135.80 after it reported a record 2006 pretax profit of $22.1 billion, up from $21 billion in 2005. The global lender said there had been no further deterioration at its troubled U.S. mortgage lending since it warned about the deepening problem a month ago. (For details, click on [ID:L0519874]). HSBC's majority-owned Hang Seng Bank <0011.HK> rose 1.6 percent to HK$107.6 after it posted a 6 percent increase in 2006 profit on Monday, beating estimates, driven by higher income from lending and stockbroking fees. China Mobile <0941.HK> climbed 1.6 percent to HK$68.45. Mainland financial plays led the H shares, with China Life <2628.HK> racing up 5.7 percent to HK$20.35. China Construction Bank <0939.HK> advanced 3.7 percent to HK$4.19. Industrial & Commercial Bank of China <1398.HK> shot up 5 percent to HK$4.19. Hong Kong Exchanges and Clearing Ltd. <0388.HK> leapt 4.7 percent to HK$72.90 after falling sharply in the past six session. Retail-focused conglomerate China Resources <0291.HK> surged 7.3 percent to HK$21.20 after it said it was in talks with investors regarding the sale of part or all its petroleum and related distribution business, but no time table or agreement had been set. (US$1=HK$7.8) ------------------------------ (c) Reuters 2007. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world. *Close This Window* <javascript:window.close()>
