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    3436   JP3322930003

SUMCO CORPORATION

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Japanese shares rebound on hopes Omicron milder than initially feared

11/29/2021 | 09:40pm EST

TOKYO, Nov 30 (Reuters) - Japanese shares rebounded on Tuesday after two days of heavy selling as hopes that the Omicron coronavirus variant would not derail a global economic recovery prompted short-covering.

The Nikkei average rose 1.18% to 28,616.73, bouncing back from the 1-1/2-month low posted in the previous session, as investors drew comfort from signs that Omicron's impact might not be as grave as feared. The index dropped 4.1% in the preceding two sessions as reports of a possibly vaccine-resistant coronavirus variant had spooked investors.

The broader Topix gained 1.35% to 1,974.72 climbing back above its 200-day moving average, after having slipped below that level for the first time in more than a year in the previous session.

While the World Health Organization (WHO) said the Omicron carried a very high risk of infection surges, investors bet it will be manageable.

"I am bullish on equities. Looking at U.S. earnings, it is hard to keep selling, said Masato Kogure, group leader of execution at institutional sales at Tokai Tokyo Securities.

"Short-selling was at an extremely high level recently and it appears those positions in cash stocks are getting covered now,"

Semiconductor-related shares outperformed with MSCI Japan semiconductor index rising 3.3%.

Ibiden soared 5.0% while Advantest gained 3.7% and Sumco added 3.6%.

Battered travel-related stocks also recovered, with TSE airlines index up 2.5%. Land Transport Index , mainly made up of train operators, gained 2.4%.

Japanese precision machine makers did well with the sub-index gaining 2.3%.

Olympus rose 4.3% while Electronic microscope manufacturer JEOL jumped 7.7% to a record high.

The market is wary of selling expected at the end of trade on Tuesday from passive investors due to the latest reshuffle of MSCI indexes, in which 15 Japanese stocks will be eliminated while just two will be added. (Reporting by Hideyuki Sano; Editing by Sherry Jacob-Phillips)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION -3.98% 9650 Delayed Quote.-11.47%
IBIDEN CO.,LTD. -1.73% 6260 Delayed Quote.-8.48%
JEOL LTD. -3.96% 6310 Delayed Quote.-31.34%
OLYMPUS CORPORATION 1.47% 2455.5 Delayed Quote.-7.32%
SUMCO CORPORATION -2.94% 2214 Delayed Quote.-5.75%
TOPIX INDEX -0.59% 1927.18 Real-time Quote.-3.27%
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Financials
Sales 2021 334 B 2 935 M 2 935 M
Net income 2021 36 073 M 317 M 317 M
Net cash 2021 60 109 M 529 M 529 M
P/E ratio 2021 19,9x
Yield 2021 1,52%
Capitalization 775 B 6 814 M 6 818 M
EV / Sales 2021 2,14x
EV / Sales 2022 1,95x
Nbr of Employees 8 199
Free-Float 95,5%
Chart SUMCO CORPORATION
Duration : Period :
SUMCO Corporation Technical Analysis Chart | 3436 | JP3322930003 | MarketScreener
Technical analysis trends SUMCO CORPORATION
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 18
Last Close Price 2 214,00 JPY
Average target price 3 248,13 JPY
Spread / Average Target 46,7%
EPS Revisions
Managers and Directors
Mayuki Hashimoto Chairman & Chief Executive Officer
Hisashi Furuya Manager-Crystal Technology Division
Masahiro Mitomi Independent Outside Director
Hitoshi Tanaka Independent Outside Director
Shinichiro Ota Independent Outside Director
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