NTT DoCoMo Inc (DCM) has been trading at all-time lows as I reported earlier this month. Now that DoCoMo is increasingly being viewed as a value play, it may be breaking out of its trading funk. Its ordinary shares (Tokyo: 9437) shot up 3.51% today to close at 177,000 yen on strong volume not seen since a breakout on January 5th this year when it traded at 193,000 yen. Converting its ordinary shares using an exchange rate of Y117/US$1 and accounting for its ADR listing ratio of 100:1, its Friday close in Tokyo equals $15.13, where its currently trading in the U.S. intraday, up 4.27%.
A Nikkei Shimbun article published today cites number portability, which will be available in Japan this fall, and Softbank's (OTCPK:SFTBF) forthcoming market entry via its purchase agreement of Vodafone (NASDAQ:VOD) as having kept downward pressure on DoCoMo's share price.
DCM 1-yr chart: