What Worked – Obviously prices were hurt today by the news out of England. Names that took the biggest hit today were Sharp down 17%, Nippon Sheet Glass down 16% and Hitachi Capital down 16% (Hitachi Capital was actually up 13% until Thursday before being smashed down today). It was clear that the weaker names took the biggest hits today.
Names that were down over the last month went down more this week/today. Asics was down 16% this week, Seven Bank was down 12% (down 10% today) and Kyowa Hakko Kirin was down 11% (down 9% today) this week. Low PE names were also hurt this week. COLOPL was down 11%, Hitachi Zosen was down 11% and Dowa Holdings was down 11%. There was a slight move into high ROE names this week. K’S Holding was up 7%, Nitori Holdings was up 8% and CyberAgent was up 6% this week.
Who Moved – Only 19 names moved on volume this week. On the positive side, K’S Holdings was up 7%, Familymart was up 6% and UNY Group was up 6%. On the other side, Tokyo Gas was down 9%, Matsumotokiyoshi was down 8% and Kinden was down 7%.
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