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Thursday 28th of August 2008
February 24, 2006

Tokyo markets gain on domestic shares


by Elaine Frei

Japanese equities markets were up slightly on Friday as domestic stocks tended to rise while export-focused companies were generally down on the day as the yen gained value in relation to the US dollar.

The Nikkei closed up 0.1 percent to 16,101.91, while the Topix index gained 0.4 percent to 1,647.74.

Among the sectors to see losses on the day were the carmakers and the electrical machinery manufacturers. Toshiba dropped 1.5 percent to ¥661, while rival Hitachi fell 1.1 percent to ¥798. Honda lost 2 percent to ¥6,890, but Toyota declined a smaller 0.3 percent to ¥6,330.

Also seeing losses on the day was toymaker Namco Bandai, which fell 12.7 percent to ¥1,440 on the announcement that it had cut its net profit forecast for the 2005/06 fiscal year in half.

More news indicating a continuing recovery in the Japanese economy sent domestic shares higher, with banking up 1.7 percent as a sector and the securities sector growing by 2.5 percent.

Mitsubishi UFJ gained 1.8 percent to ¥1,660,000 as investors see the possibility of rising interest rates as good for bank profits.

In the securities sector, Nikko Cordial was up 4.8 percent to ¥1,847, while Daiwa Securities gained 3 percent to ¥1,398.

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