Panasonic Corp., the world’s largest maker of plasma televisions, rose the most in almost 11 months in Tokyo trading, leading gains by Japanese electronics makers.
The shares gained 6.9 percent to close at 1,220 yen, the biggest gain since July 24, 2009, while Sony Corp. rose 1.9 percent and Sharp Corp. jumped 3.9 percent. Panasonic’s gain was the third largest among the 225 members of Japan’s benchmark Nikkei 225 Stock Average, which rose 1.7 percent.
Stock in the maker of Viera televisions is recovering “after recording a bigger decline this year than its peers,” said Nobuo Kurahashi, an analyst at Mizuho Financial Group Inc. in Tokyo. “Having smaller operations in Europe may be another reason for Panasonic’s gain” because it is less sensitive to the Japanese yen’s rise against the euro, said the analyst, who has a “neutral plus” rating on Panasonic.
The company, based in Osaka, generated 10 percent of its revenue in Europe in the financial year that ended March 31, compared to 23 percent at Sony. The Japanese yen has gained 20 percent against the euro this year amid concerns over high levels of government debt in the region.
Panasonic, based in Osaka, has declined 7.9 percent in 2010, while Sony has slipped 3.7 percent.
-- Editors: Chana Schoenberger, Garry Smith.