Thursday, September 7, 2006

Topix index declines by 1.8 percent

by Brian Turner

Export-focused stocks were the big losers in Tokyo on Thursday, but domestic stocks were down as well as equities markets there fell significantly after Wednesday’s losses on Wall Street. The Nikkei 225 fell 1.7 percent to 16,012.41, while the Topix index was 1.8 percent lower to 1,613.46. The good news, if there was any, was that the Mothers Index of small and mid-cap stocks was down just 0.3 percent to 1,327.53.

The electronics sector was down as Sony fell another 1.6 percent to ¥4,970 on the news that its PlayStation 3 gaming console will not launch in Europe until after the Christmas season. Matsushita Electric Industrial was also 1.6 percent lower, to ¥2,490.

Carmakers also saw declines. Nissan was down 1.8 percent to ¥1,317, while Toyota was reported to be 1.9 percent lower to ¥6,210 and Honda fell 2.8 percent to ¥3,890.

Sumitomo Rubber dropped 4.9 percent to ¥1,198 on a lowered target share price. Morgan Stanley said it was concerned about demand in North America and Japan as it lowered the tire maker’s target from ¥1,400 to ¥1,300.

The retail sector was down 1.7 percent as a whole, with Seven & I 2 percent lower to ¥4,010.

 

 

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