Friday, March 14, 2008

Toyota and Nomura Stocks Down Second Week In A Row

by Rohan Parker

For the second week in a row, Asian stocks declined, which has raised concerns anew over losses increasing in the credit market turmoil and the increased instability of the dollar.

As the dollar traded against the yen at a 12-year low, Toyota Motor Corp. was stung in the market, as they gain 37% of sales from North America. Though not the first of its kind, property developer. Urban Corp., sank in prices after rivals extensively reduced their profit expectations. In the wake of the Carlyle Group mortgage fund defaulting, Nomura Holdings Inc., which is the largest securities firm in Japan, showed a steady decline for the second day in a row.

Park Sehick, who aids in managing roughly $1 billion at Hanwha Investment Trust Management Co. in Seoul, stated that investors are being very edgy, and have learned just how harshly the market can sting, and as such there is apprehension of what else may go wrong, which is increasing tension for the international market. Sehick even suggested that panic sales may be going on, but that that would just make investors freeze up.

Late figures from Tokyo showed that the MSCI Asia Pacific Index has already lost 0.9% to bring it to 135.84. This is a reduction of 2.7% for this week alone, and approximately 14% from the beginning of the year. So far this year, $3.3 trillion has been lost from the markets which sparks higher concerns that the U.S will fall into a recession and raise even more losses that are associated with the mortgage industry.

It has been a choppy week on the markets, with Japan’s Nikkei 225 falling around 1.5%, and Australia’s S&P/ASX 200 Index raising around 1.4%. The worst, however, is China, whose CSI 300 Index has dropped further than ever on record and speculations are rising that the government will hike interest rates in a bid to decrease the inflation turmoil.

Gold and crude oil are at record prices, so BHP Billiton Ltd., who are the worlds largest mining company, are making record sales. Transportation rates have fallen and Toys R Us Japan Ltd. had their first full year profit last year.

 

 

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