Tokyo markets gain on tech strength

| February 9, 2006 | 0 Comments

The Tokyo equities markets were sent up on Thursday, primarily by gains in the technology sector and despite losses in sea transport companies.

The Nikkei 225 was up 1 percent to 16,439.67. Meanwhile, the Topix index gained 0.7 percent to 1,682.26.

In the sea transport sector, shipper Nippon Yusen dropped 8.4 percent to ¥790 when it reported that its quarterly net profit had dropped by 21 percent and when it cut its full-year guidance because of dropping shipping rates and climbing fuel prices. Elsewhere in the sector, Mitsui OSK fell 6.1 percent to ¥972 when it, too, cut it’s full-year forecast, while Kawasaki Kisen declined by 5.2 percent to ¥711.

The technology sector, on the other hand, was helped out by a rally in New York based on a strong earnings report from Cisco Systems. Advantest, which manufactures chip-testing equipment, was up 3.8 percent to ¥14,780. Tokyo Electron gained 2.2 percent to ¥8,680. Meanwhile, electrical component maker Kyocera jumped 6.1 percent to ¥10,740.

On the strength of a report that over-the-counter drug maker Taisho Pharmaceutical is set to purchase Astellas Pharma’s OTC unit, Taisho saw its shares rise 4.4 percent to ¥2,375 and Astellas was up 0.5 percent to ¥4,500.

In other sectors, Sony was up 2.3 percent to ¥5,730 and Canon gained 1 percent to ¥7,130. Carmaker Nissan was up 1 percent to ¥1,315 on reports that it will develop a new automobile for sale in developing markets such as India and China.

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