Tuesday, March 13, 2007

Tokyo Stock Exchange decides not to delist broker

by Elaine Frei

The Tokyo equities markets were lower on Tuesday as the yen strengthened and investors chose to take profits in sectors such as real estate and steel.  The Nikkei 225 dropped 0.7 percent to 17,178.84, while the Topix index was 0.9 percent lower to 1,725.43.  The declines came amid wide declines in other Asian markets.

Export-focused sectors were hurt by the yen.  The automobile manufacturing sector was 0.7 percent lower as a whole, while Toyota Motor (TYO: 7203.T; NYSE: TM; LSE: TYT) lost even more, dropping 1.1 percent to ¥7,790.  Meanwhile, in the electronics sector, Sony (TYO: 6758; NYSE: SNE) was 2.1 percent lower to ¥6,110.  TDK (TYO: 8326; NYSE: TDK; LSE: TDK), which makes electronics parts, however, added 3.8 percent to ¥9,650 after an upgrade from “neutral” to “buy” from Goldman Sachs (NYSE: GS).

In the steel sector, Nippon Steel (TYO: 5401) was down 2.1 percent to ¥868, while JFE Holdings (TYO: 5411) fell 2.6 percent to ¥7,350 as investors took profits following recent gains generated by consolidation rumors.

Mitsui Fudosan (TYO: 8801; NAS: MDSFF) dropped 0.9 percent to ¥3,440 in a real estate sector that dropped 1.1 percent on the session.  Sumitomo Realty & Development (TYO: 8830) was 1.8 percent lower to ¥4,870.

Nikko Cordial (TYO: 8603; SGX: N06) added 6.1 percent to ¥1,490 after word from the Tokyo Stock Exchange that it will not delist the broker after all.  The delisting had been widely expected after Nikko’s recent accounting scandal.

 

 

Add to Bookmarks:

  • ADD TO NETSCAPE
    •    
  • ADD TO DEL.ICIO.US
    •    
  • ADD TO DIGG
    •    
  • ADD TO FURL
  • ADD TO STUMBLEUPON
    •    
  • ADD TO YAHOO MYWEB
    •    
  • ADD TO GOOGLE
    •    
  • ADD TO SPURL

 

Stories related to: Tokyo Stock Exchange decides not to delist broker

 

 

Visited 570 times, 1 so far today