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September 26, 2006

Tokyo markets fall on transport sectors

Permalink: Tokyo markets fall on transport sectors by Elaine Frei

The Tokyo equities markets were lower on Tuesday, falling on declines in export-focused stocks. Transport stocks were also lower after an overnight rise in crude oil prices. The Nikkei 225 was 0.5 percent lower to 15,557.45, while the Topix index dropped 0.7 percent to 1,549.41.

Oil and commodities stocks were higher on the gains in the prices of oil and other commodities. In the oil sector, Japan Petroleum Exploration added 1.2 percent to ¥6,850 and Inpex gained 2.1 percent to ¥907,000. Sumitomo Metal Mining was 0.8 percent higher to ¥1,457.

The shipping sector dropped 2.8 percent as a whole on the rise in oil prices. Nippon Yusen dropped 2.1 percent to ¥708, while Mitsui OSK was 3.1 percent lower to ¥832 and Kawasaki Kisen fell 3.8 percent to ¥739. Elsewhere in transport related stocks, airlines were lower as well. All Nippon Airways declined 1.5 percent to ¥469, while Japan Airlines dropped 2.6 percent to ¥225.

Carmakers were also lower, with Honda and Toyota each falling 0.8 percent, to ¥3,800 and ¥6,240 respectively.

The pharmaceuticals sector saw losses on the day. Takeda fell 1.5 percent to ¥7,210, while Astellas dropped 1.7 percent to ¥4,590.

Some individual stocks saw gains, however. Softbank, with interests in telecommunications and the internet, was 3.8 percent higher to ¥2,190. Fuji Electric added 3.3 percent to ¥587 after Nikko Citigroup initiated coverage with a target share price of ¥800.

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