Mitsui O.S.K. Lines Ltd. and Nippon Yusen K.K., Japan's two largest shipping lines, gained in Tokyo after the Baltic Dry Index, a measure of shipping prices, rose for the first time in five weeks.
Nippon Yusen advanced as much as 5.6 percent to 908 yen and traded at 886 yen as of 10 a.m. on the Tokyo Stock Exchange today., Mitsui O.S.K., Japan's second-biggest shipping line, gained 5.4 percent to 1,302 yen and Kawasaki Kisen Kaisha Ltd., the third-largest, rose 5.2 percent to 772 yen.
The Baltic Dry Index, a benchmark for the price of shipping bulk commodities, rose 1.5 percent to 7,097 points yesterday, after 23 consecutive declines, the longest slide in three years. Bulk shipping accounted for 88 percent of Nippon Yusen's operating profit last fiscal year.
The Baltic Index's rally sparked bargain hunting among investors,'' said Hiroichi Nishi, an equities manager at Nikko Cordial Securities Inc. in Tokyo. The shipping shares had been sold to the level where they had become attractive.''
Nippon Yusen advanced as much as 5.6 percent to 908 yen and traded at 886 yen as of 10 a.m. on the Tokyo Stock Exchange today., Mitsui O.S.K., Japan's second-biggest shipping line, gained 5.4 percent to 1,302 yen and Kawasaki Kisen Kaisha Ltd., the third-largest, rose 5.2 percent to 772 yen.
The Baltic Dry Index, a benchmark for the price of shipping bulk commodities, rose 1.5 percent to 7,097 points yesterday, after 23 consecutive declines, the longest slide in three years. Bulk shipping accounted for 88 percent of Nippon Yusen's operating profit last fiscal year.
The Baltic Index's rally sparked bargain hunting among investors,'' said Hiroichi Nishi, an equities manager at Nikko Cordial Securities Inc. in Tokyo. The shipping shares had been sold to the level where they had become attractive.''