Tokyo flat as Asia markets mixed

| April 28, 2005 | 0 Comments
Tokyo flat as Asia markets mixed

Asian markets were mixed Thursday as a new round of earnings reports were released.

The Tokyo markets were virtually flat, with the Nikkei 225 closing less than 0.1 percent higher at 11,008.90. The Topix was only fractionally down to close at 1,129.93.

In the technology sector, shares in Sony fell 1.8 percent after its electronics division reported a full-year operating loss and forecast lower profits for the current year. Shares in Fujitsu and Sanyo also fell after disappointing earnings reports, with Fujitsu down 3.3 percent and Sanyo falling 2.6 percent.

Canon was down 0.2 percent despite a Wednesday report that its quarterly operating profit rose 7.3 percent on strong sales. Hitachi was up 0.8 percent on a better than expected quarterly report and a positive forecast for the future.

The Taipei market closed up 1.1 percent at 5,842.27, its best result in two weeks, with technology stocks a major contributor to the gain. Seoul’s composite index fell 1.3 percent to 917.73, a three-month low as Hyundai Motors reported a sharp drop in quarterly operating profits. Kia Motors was also down in anticipation of its quarterly report, due Friday.

In Hong Kong, the Hang Seng index was up 0.5 percent to 13,909.42, and in Shanghai the composite index closed up 1.8 percent at 1,169.12.

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