Friday, January 5, 2007

Tokyo carmakers down on profit taking

by Elaine Frei

The Tokyo equities markets were lower on Friday as trade volumes were low ahead of another holiday weekend.  The Nikkei 225 dropped 1.51 percent to 17,091.51, while the Topix index was 1.4 percent lower to 1,675.33.

The automobile manufacturing sector saw losses as investors took profits after recent gains.  Toyota was down 2.4 percent to ¥7,900, while Honda fell almost 3 percent to ¥4,600.

Other export-dependent sectors also saw declines.  Canon was 2 percent lower to ¥6,530.  Meanwhile, industrial robot manufacturer Fanuc fell 2.8 percent to ¥11,430.  Bucking the trend was Toshiba, which was 1.64 percent higher to ¥808 on reports that it will develop a new boiling water reactor for nuclear power plants, to be marketed both domestically and in foreign markets by 2015.

Declines in crude oil prices hurt oil companies.  Inpex dropped 2.5 percent to ¥919,000, while Japan Petroleum fell almost 5 percent to ¥6,610.

The steel sector was down as well, as were companies dealing in non-ferrous metals.  Among steel makers, JFE was 5.7 percent lower to ¥5,750 and Nippon Steel was down 6 percent to ¥622.  In the non-ferrous metals sector, Mitsubishi Materials fell 1.4 percent to ¥430, while Sumitomo Metal Mining was 2.5 percent lower to ¥1,456 and Toho Zinc dropped 7.4 percent to ¥1,021.

Gainers on the day included department store Isetan, which added 2 percent to ¥2,230 on record sales.  Oji Paper was helped by the decline in crude oil prices, gaining almost 4 percent to ¥675.

 

 

 

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