Wednesday, August 16, 2006

Sony drops again

by Brian Turner

In Tokyo on Wednesday, the Nikkei 225 closed at 16,071.36, the first time the index has ended the session above 16,000 since May. The Topix index was also up, by 1.5 percent, to 1,629.73 as both domestically focused and export-reliant stocks saw gains during the day. In addition, the Mothers index of small and mid-cap stocks added 3.4 percent to 1,354.42. Still, the Mothers index remains well below its level before the Livedoor scandal in February.

Among exporters, Toyota was up 2.4 percent to ¥6,420 as concerns about inflation in the United States began to lessen. The electronics sector, however, was mixed as Sony continued to decline in the wake of the Dell recall based on defective batteries manufactured by Sony. While Hitachi gained 3.8 percent to ¥736, Sony dropped 1.1 percent to ¥5,150.

The real estate sector was 2.1 percent higher as a whole, with Mitsubishi Estate adding 3 percent to ¥2,555.

Among smaller domestically focused stocks, parking lot operator Park24 added 8.2 percent to ¥3,550 after use of its lots shot up after the government began to enforce parking rules.

After a decline on Tuesday due to an oil spill, Mitsui OSK was 2.5 percent higher to ¥828.

Losers on the domestic front included Futata, which dropped 10.9 percent to ¥735 after Aoki said it would not up its bid for the menswear retailer.

 

 

 

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