Friday, April 15, 2005

Japanese markets suffer rough Friday

by Brian Turner

With the Tokyo markets not doing especially well recently, analysts had further bad news on Friday. At least one analyst said that things will not likely turn around any time soon and the Nikkei could conceivably lose another 12 percent by the end of the year.

And indeed, both the Nikkei and Topix fell again in Friday’s trading, with the Nikkei 225 down 1.7 percent at the close of trading on Friday, to stand at 11,371. The Topic index fell 1.5 percent Friday, to 1,151.

The losses were put down to concerns about rates of growth in the United States and in China, and the bad news in earnings reports coming out of IBM and Samsung.

South Korea’s Samsung’s news was particularly bad, as it reported a 52 percent fall in first-quarter earnings.

Japanese technology stocks were lower, with Tokyo Electron and Toshiba each down 3 percent. Tokyo Electron ended the day at ¥5,880, while Toshiba finished at ¥436.

Victor Co. of Japan had its second straight day of losses, ending at ¥845, a 3.56 percent drop.

The losses for Kanebo continued to mount up as the household goods maker who earlier in the week confessed to years of accounting fraud was down a further 18.3 percent, for total losses of 47.2 percent since Wednesday.

 

 

 

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