Tokyo: Small Tokyo-listed companies have capped the longest streak of daily advances in almost 37 years.
Japan's TSE Second Section Price Index, a capitalisation-weighted index of smaller companies listed on the Tokyo Stock Exchange, added 0.2 per cent to 2,308.56 at the close, rising for a 26th consecutive day.
That's the longest streak since May 13, 1975, said Takamichi Sugawara, an assistant manager in the information service division of the Tokyo Stock Exchange.
Even after rising for 26 days, shares on the index trade at an average of 0.68 times book value, compared with one times for the Topix Index, Japan's broadest gauge, and 1.24 times for the Nikkei 225 Stock Average.
A number less than one means that companies can be bought for less than value of their assets.
The streak "suggests money is flowing into the Japanese market across the board," said Makoto Sengoku, a market analyst at Tokai Tokyo Securities Co.
Companies on the Tokyo bourse's second section should have at least 800 shareholders and a market value of at least 2 billion yen, bourse spokeswoman Yukari Hozumi said by telephone.
