Fast Retailing shares hit record high

Tokyo

FAST Retailing Co shares rose to a record after Asia's largest apparel maker increased its annual profit forecast 20 per cent on strong domestic and international sales of Uniqlo casual wear.

The stock climbed to as high as 50,650 yen in Tokyo trading on Friday, the highest intraday level since its listing on the exchange in 1997. It closed at 49,700 yen, up 2.5 per cent. The benchmark Topix was down 0.29 per cent.

The Yamaguchi, Japan-based company on Thursday reported net income will be 120 billion yen (S$1.36 billion) for the year ending in August, up from its previous forecast of 100 billion yen. That compares wit…