TOKYO, June 16 Asia Pulse - Stocks with small- and midsize capitalizations have bounced back faster than larger peers thanks to robust buying by individuals.
The Tokyo Stock Exchange's Mothers index has gained 25 per cent in the three months since March 15, when the bellwether Nikkei Stock Average sank to its lowest point since the March 11 earthquake. The Topix small-cap index and the Nikkei Jasdaq Average advanced 18.5 per cent and 17.5 per cent, respectively, over the period . They all outpaced the Nikkei's 11.3 per cent rise.
Among the component issues of the Mothers index, Japan Wind Development Co. (TSE:2766) skyrocketed to more than twice pre-quake levels. Online retailer MonotaRO Co. (TSE:3064) soared nearly 40 per cent.
"After the disaster, new energy sources and Internet businesses became a focus of trading," says Kenichi Hirano at Tachibana Securities Co. Individual investors flocked to stock exchanges for start-ups, many of which are home to firms in these industries.
The bourses also became a preferred destination because only a few manufacturers are listed there and thus the impact of power shortages and supply disruptions following the quake was not as much of a concern.
By contrast, the Topix large-cap index rebounded just 4.2 per cent because exporters have been top-heavy on worries about the U.S. economy and the strong yen. The Topix Core 30, which is composed of highly liquid issues with large market caps -- including Tokyo Electric Power Co. (TSE:9501) and top banking groups -- inched up just 0.9 per cent.
The global market downturn is also believed to be weighing heavily on blue chip shares. "Overseas investors are scaling down their exposure to Japanese equities," says Tachibana Securities' Hirano.
(Nikkei) ms 16-06 1200
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