Wednesday, December 13, 2006

Sharp drops 1.5 percent amid price-fixing probe

by Elaine Frei

The Nikkei 225 and the Topix index both saw gains on Wednesday as export-focused stocks were up, but gains were limited by declines in utilities and in the consumer finance sector.  The Nikkei added 0.3 percent to 16,692.93, while the Topix gained 0.2 percent to 1,639.19.  Meanwhile, the Mothers index of small and mid-cap stocks dropped 1.1 percent to 1,125.85.

In the retail sector, department stores saw gains but weren’t able to lift the sector as a whole.  Takashimaya was 1.1 percent higher to ¥1,717, while Isetan ended 1.6 percent higher to ¥2,150.  On the other hand, Seven & I dropped 0.6 percent to ¥3,630.

Exporters that saw gains included Canon, which added 1.1 percent to ¥6,540.  In the electronics sector, Sony was 1.9 percent higher to ¥4,880.  Sharp, however, dropped 1.5 percent to ¥2,040 on the news that it is being investigated for price fixing of liquid crystal displays.

Utilities were down on profit-taking.  Tokyo Electric Power fell 0.5 percent to ¥3,720, while Kansai Electric Power and Tohoku Electric Power each dropped 0.7 percent to ¥3,050 and ¥2,895 respectively.

The consumer finance sector declined after parliament passed a bill that will cut the maximum amount of interest the lenders can charger their customers.  Takefuji was 1.1 percent lower to ¥4,470, while Aiful fell 1.6 percent to ¥3,610 and Credit Saison dropped 1.9 percent to ¥4,100.

 

 

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