Tuesday, April 4, 2006

Profit-taking sends Tokyo markets lower

by Brian Turner

Profit-taking sent the Tokyo equities markets lower on Tuesday. The Nikkei 225 ended the day down 0.2 percent to 17,292.91, while the Topix index lost 0.3 percent to 1,749.65.

Despite the declines, some sectors saw gains. The rise in metals prices sent miners up. Sumitomo Metal Mining added 1.2 percent to ¥1,659, while Mitsubishi Materials gained 2.2 percent to ¥643.

Sea transport gained 1.4 percent as a sector as the yen weakened. Nippon Yusen added 1.9 percent to ¥746 and Mitsui OSK Lines gained 1.7 percent to ¥825.

Some advances were also brought about by broker upgrades. Ajinomoto, which makes food seasonings, added 8.9 percent to ¥1,373 on an upgrade from “sell” to “buy” by Merrill Lynch. In the real estate sector, Tokyo Tatemono was up 3.1 percent to ¥1,350 on an upgrade from Daiwa Research Institute.

Banks lost 0.9 percent, with Mitsubishi UFJ down 1.6 percent to ¥1,810,000.

Export-dependent stocks declined despite the weakening yen. Auto maker Honda dropped 0.5 percent. Chipmaker Elpida Memory was down 1.1 percent to ¥4,390. Consumer electronics manufacturer Sharp declined by 1.4 percent to ¥2,080. Camera manufacturer Konica Minolta dropped 1.6 percent to ¥1,523.

 

 

 

Stories related to: Profit-taking sends Tokyo markets lower

 

 

Visited 580 times, 1 so far today