Monday, February 5, 2007

Electronics sector declines in Tokyo

by Elaine Frei

A stronger yen and declines in export-focused shares send the Tokyo equities markets lower on Monday.  The Nikkei 225 dropped 1.1 percent to 17,244.80, while the Topix index was 1.5 percent lower to 1,716.28.

The automobile manufacturing sector was hurt not only by the strengthening yen but also by Nissan Motor’s quarterly report, which showed net profits down 23 percent.  Nissan also issued a cut it its projections for the full year, sending its shares 8.3 percent lower to ¥1,383.  Nissan’s report also sent other carmakers lower.  Toyota Motor fell 1.6 percent to ¥7,820, while Honda Motor dropped 3.6 percent to ¥4,530.

In the electronics sector Matsushita Electric Industrial, which makes the Panasonic brand of consumer electronics, was 1.7 percent lower to ¥2,355, while Toshiba fell 2.1 percent to ¥737, again hurt by the yen’s rise versus the US dollar.  The yen was trading at ¥120.8 against the greenback, compared to the ¥121.4 where it sat on Friday.

Domestic sectors did not fare much better.  Telecommunications giant Nippon Telegraph & Telephone was 2.4 percent lower to ¥610,000 after reiterating its previous full-year guidance, which led investors to assume that it expects no growth in profits for the year.

 

 

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