Monday, March 12, 2007

KDDI up on fibre-optics announcement

by Elaine Frei

The Tokyo equities markets were higher on Monday as the yen weakened against the US dollar.  The Nikkei 225 added 0.8 percent to 17,292.39, while the Topix index was 0.6 percent higher to 1,741.36.

The real estate sector gained 1.8 percent as whole as it made progress in recovering from earlier losses.  Mitsui Fudosan (TYO: 8801; NAS: MDSFF) added 1.5 percent to ¥2,470, while Sumitomo Realty & Development (TYO: 8830) was 2.9 percent higher to ¥4,960.

In the telecommunications sector, KDDI (TYO: 9433)  gained 1.6 percent to ¥920,000 on the news that it will use cables owned by East Japan Railway (TYO: 9020) to offer fibre-optic broadband services.

Export sectors were helped by the weakness of the yen and indications that the US economy is remaining strong.  Ceramics maker Kyocera (TYO: 6971; NYSE: KYO) and consumer electronics giant Matsushita Electric Industrial (TYO: 6752; NYSE: MC) each added 1.0 percent, to ¥10,540 and ¥2,410 respectively.

Japan Tobacco (TYO: 2914) added 4.8 percent to ¥546,000 after shareholders of UK tobacco company Gallagher (LSE: GLH), voted on Friday to accept its sale to JT.

Kyoei Tanker (TYO: 9130) was 4.7 percent lower after reports in the Japanese financial press that group recurring profits in the upcoming fiscal  year could drop as much as 67 percent.  Kyoei specializes in marine transport of oil products.

 

 

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