Market Report – Apple Boosts Asia
Apple’s upbeat earnings and quarterly sales records helped to boost Asian technology shares Tuesday.
A slew of strong results pushing Wall Street to a 12-month high lifted Japan’s Nikkei, particularly the chip sector.
Construction equipment maker Komatsu jumped after the Nikkei newspaper said it made a $110 million profit in the last quarter on firm Chinese demand.
South Korea’s Lotte Shopping plans to buy out Hong Kong-based supermarket operator Times for almost $630 million, sending its shares soaring Tuesday.
In separate news, the head of state-owned Japan Post will reportedly resign ahead of government plans to privatize, once applauded as a bold symbol of market reforms.
Now, the Cabinet of Prime Minister Yukio Hatoyama has pledged to freeze a Japan Post share sale as part of a broad review of the plan.