Nikkei gains as steel sector loses

The Tokyo equities markets gained ground on Wednesday despite declines in the steel sector.

Technology was up slightly and automobile manufacturers benefited from the hard times of steel producers.

In the technology sector, Sony gained 0.5 percent to ¥3,890 and Advantest advanced 0.4 percent to ¥8,210.

The steel sector’s problems stemmed from earnings forecasts that had to be revised down and from price cuts. JFE Holdings lost 0.4 percent to ¥2,720, while Tokyo Steel Manufacturing lost 0.5 percent to ¥1,420 on the announcement earlier in the week of price cuts.

Meanwhile Nippon Steel, the world’s second-biggest steel maker, fell 1.5 percent to ¥258 on an earnings forecast that was revised downward.

But the steel sector’s misfortunes were good news for auto makers as Nissan gained 1.2 percent to ¥1,105 while Toyota was up 1 percent to ¥3,950.

Other Asian markets closed on the positive side as well. In Hong Kong, the Hang Seng index was up 1.3 percent to 14,161.02. The Straits Times index in Singapore gained 0.44 percent to close at 2,206.24.

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