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Tokyo markets down on tech stocks

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by Elaine Frei

Technology stocks helped send the Tokyo equities markets lower on Tuesday. The Nikkei 225 and the Topix index each lost 0.5 percent on the session, to 15,473.82 and 1,585.85 respectively.

The electronics sector was down on a strong yen and on declines in tech stocks in New York overnight. Sony dropped 0.2 percent to ¥5,040. Advantest declined by 0.9 percent to ¥12,020, while Matsushita was down to ¥2,350, 1.7 percent lower on the session.

Games developer Namco Bandai dropped 1.3 percent to ¥1,695 on the news that Zapf Creation has recommended that its shareholders reject Namco’s bid for the German dollmaker. Zapf is said to be looking for higher bids.

After Nikko Citigroup has withdrawn from its position as one of 15 underwriters for Japan Airlines’ new share issue, worth $1.9 billion, JAL’s shares declined by 2.6 percent to ¥271. The new issue will dilute existing shares by 30 to 40 percent and could be sold below current market prices in order to create adequate demand, making the issue controversial.

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News posted: July 11, 2006

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