Tokyo shares retreat from four-year highs
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Japanese stocks were flat on Friday, depressed by falls in technology stocks and profit-taking in some areas after strong rises in the previous session.
The Nikkei 225 ended down 0.2 per cent at 12,958.68. But the broader Topix rose 0.1 per cent to 1,328.84.
The information and communication sector fell 0.3 per cent. The domestically focused real estate sector - which has recently gained from stronger investor confidence about the Japanese economy - dropped 0.6 per cent.
Manufacturers of liquid crystal displays fell after South Korea’s Samsung told the Financial Times it may significantly cut LCD investment if profitability continues to slide. Sharp, Japan’s biggest LCD panel maker, slid 1.2 per cent to Y1,625. Nikon, which makes LCD steppers, fell 1.6 per cent to Y1,447.
TDK, the electronic parts maker, fell 2.7 per cent to Y8,170, after JP Morgan lowered its rating to “neutral” from “overweight”, citing lower sales estimates.
Mitsui Fudosan, Japan’s largest real estate company, dropped 1.7 per cent to Y1,594.
But shares in securities houses - which are often sensitive to general market trends - gained 2 per cent.
Nomura, Japan’s biggest securities house, rose 2.1 per cent to Y1,577.
Fuji Fire & Marine Insurance leapt 12.2 per cent to Y410 after Merrill Lynch began coverage with a “buy” rating. It cited the company’s high return on equity.
Softbank, the internet company, climbed 2.8 per cent to Y5,960 after the revelation that it was in talks with five Japanese television broadcasters on the distribution of television programmes through its website.
Comments