Shiseido extended its gains sharply. After U.S. P&G reported strong results, with revenue and profit for the July-September quarter exceeding market expectations and its full-year revenue outlook raised, investors also bought Shiseido on the strength of the association.
Shiseido's share price ended sharply higher, with buying leading the market as funds flowed into defensive sectors. The move was driven in part by U.S. P&G's results, whose July-September revenue and profit exceeded market expectations.
P&G raised its full-year revenue outlook, and there is also speculation that sympathy buying has spread to related stocks, including Shiseido.
The move is seen as supporting sentiment toward defensive sectors, particularly food, retail and household products.
Market attention is focused on Shiseido's share price, with some observers viewing P&G's results as the key driver of its recent gains.