Wednesday, January 31, 2007

Nikkei, Topix each drop 0.6 percent on session

by Elaine Frei

Equities markets were lower in Tokyo on Wednesday as profit-taking continued in several sectors.  The Nikkei 225 dropped 0.6 percent to 17,383.42, while the Topix index fell 0.6 percent as well, to 1,721.96.

The shipping sector was lower not only on profit-taking but as crude oil prices rose.  The sector as a whole dropped 1.5 percent.  Mitsui OSK Lines was 1 percent lower to ¥1,256, while Nippon Yusen fell 1.7 percent to ¥923 and Kawasaki Kisen dropped 2.8 percent to ¥1,044.

In the electronics sector, Sony dropped 1.4 percent to ¥5,550 after an improved annual profits forecast didn’t meet with investor approval.

Toyota Motor was 1.1 percent lower to ¥7,950, higher than the 1 percent decline in the sector as a whole.  Exporters were hurt even though the US dollar remained high versus the yen during the trading day.

Nikko Cordial was 14.5 percent lower to ¥1,184 after it was revealed that the company’s accounting scandal included manipulation of earnings by top executives in the company, raising the chances that it will be delisted by the Tokyo Stock Exchange.  The new revelations came from an in-house investigation.

 

 

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