What Worked – With the start of 3Q Earnings Season this week it was all about price momentum. Names up over the last month continued to go up. Hitachi Chemical (4217) was up 8%, Fujikura (5803) was up 7% and Showa Denko (4004) was up 7% this week. None of the Value or Growth factors stood out this week, which is not uncommon for Earning Season.
There was actually a slight move away from names with a high percent of retail investors and a move into names with a high percent of foreign investors. Name that benefited from the move were SMC Corp (6273) up 13%, DMG Mori (6141) up 8% and Alps Electric (6770) up 8%.
Who Moved – Only 12 names moved on volume this week. On the positive side, Fujikura (5803) was up 7%, Nippon Light Metal (5703) was up 7% and Tokuyama (4043) was up 6%. On the other side, Shochiku (9601) was down 5%, Sekisui House (1928) was down 3% and Otsuka Holdings (4578) was down 3%.
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