Sharp shares soar on asset sales report

Shares in the Osaka-based firm jumped 73 yen to 625 by the break after a news report said Sharp planned to raise 40 billion yen ($39 million) through selling overseas holdings.

The Asahi Shimbun reported the firm planned to sell its television factory in Malaysia and Recurrent Energy LLC, its US solar energy developing unit, while separately considering selling other shareholdings.

Sharp declined to confirm the report, but a company spokeswoman said: "It is true that we are carrying out structural reforms."

Tuesday's gain came after the stock closed up 17 percent on Monday with the daily limit gain of 80 yen on speculation that its solar power business would benefit from a reported $3 billion investment in green energy by Goldman Sachs.

"As short-term investors' money has poured into Sharp shares, they may continue to react positively to finance-related reports," said a strategist at a domestic asset management firm.

"However, considering how far they've come, they might be due for profit-taking," the strategist told Dow Jones Newswires.

Sharp said last week it posted a record annual loss for the second year in a row, and announced plans to replace its current chief after just one year on the job.

However, the maker of Aquos-brand electronics, which is undergoing a massive restructuring, said it expects to return to profitability in the current fiscal year to March 2014.

Fellow electronics behemoth Sony managed to book its first annual net profit in five years for the previous fiscal year partially due to gains from a string of asset sales -- including unloading its Manhattan office building for more than $1.0 billion.