Tuesday, May 30, 2006

Japanese department store shares see declines

by Brian Turner

With foreign buyers selling more than they bought for the fourth consecutive session, Tokyo equities markets declined on Tuesday even though news from the corporate world tended toward the positive. The Nikkei 225 dropped 0.4 percent to 15,859.45, while the Topix index was down 0.2 percent to 1,612.76.

The real estate sector was down on continuing worries that values are too high. Tokyo Tatemono declined by 2.7 percent to ¥1,162. Mitsubishi Estate dropped 1.5 percent to ¥2,245. Mitsui Fudosan and Tokyu Land, meanwhile, each lost 1 percent, to ¥2,360 and ¥857 respectively.

Retailers also lost ground on the day, declining by 1.3 percent as a whole. Among department stores, Takashimaya was down 1.3 percent to ¥1,521, Matsuzakaya dropped 1.8 percent to ¥856, and Matsuya lost 5.8 percent to ¥1,950. Seven & I, which holds convenience stores and restaurants along with departments stores, was down 1.5 percent to ¥4,010, while convenience store operator Lawson fell 1 percent to ¥4,110.

The electronics sector was mixed, with NEC up 1.2 percent to ¥696 after it said it would talk with Matsushita Electric about joining up to manufacture cell phones. Matsushita, however, dropped 0.2 percent to ¥2,490.

 

 

 

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