Thursday, June 8, 2006

Japanese carmakers down on day

by Brian Turner

Equities markets in Tokyo fell again on Thursday as concerns remained about the state of the US economy. The Nikkei 225 dropped 3.1 percent to 14,633.03, its largest one-day decline in a year. Meanwhile, the Topix index was down 3.3 percent to 1,482.22.

The oil sector was down on declining oil prices. Oil developer Inpex Holdings fell 2.1 percent to ¥888,000. Japan Petroleum Exploration was down 5.1 percent to ¥6,670.

Exporters were also down substantially on worries that US demand could be down if the economy slows and if the US Federal Reserve continues to raise interest rates. Automobile manufacturers were among the losers. Toyota dropped 3.4 percent to ¥5,720, while Honda lost 3.6 percent to ¥6,930.

However, some more domestically-focused sectors were also down on the day. Daiwa Securities, for example, declined by 4.2 percent to ¥1,294.

There were gains on the day in individual stocks. Restaurant chain Skylark added 14 percent to ¥2,365 on rumors that it may be planning a buyout worth upwards of $2.3 billion. Also up was Nippon Sheet Glass, which gained 4.9 percent to ¥599 on news that the European Commission has approved its purchase of Pilkington. This bucked the trend in the glass and ceramics sector, which fell by 2.6 percent on the day.

 

 

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