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Friday 21st of November 2008
October 10, 2006

Tokyo markets up despite N. Korea concerns


by Elaine Frei

In its first trading day since North Korea claimed to have conducted a nuclear test, the main Tokyo equities markets managed to hold their own as the Nikkei 225 added 0.3 percent to 15,491.65 and the Topix index held steady at 1,634.83. However, the Mothers index of small and mid-cap stocks dropped 4 percent to 1,125.60. Domestically-focused stocks tended to not do as well as export-dependent stocks.

Companies that supply Japan’s defense force did well in the wake of uncertainty over what North Korea’s claims mean for Japan. Ishikawa Seisakusho, which makes textile-making machines and defense equipment, was 5.5 percent higher to ¥173.

One domestic sector that was able to maintain gains was real estate, which is still benefiting from the general upward trend of Japanese land prices. Mitsubishi Estate added 0.9 percent to ¥2,805, while Mitsui Fudosan gained 1.5 percent to ¥2,790. Retail, however, was down 1.6 percent as a sector, with general retailer Seven & I down 1.8 percent to ¥3,840.

With machinery orders down more than expected, the sector dropped 0.7 percent and construction machinery manufacturer Komatsu was 1.4 percent lower to ¥2,095.

The electronics sector was higher on the session. Toshiba added 2 percent to ¥721, while Sharp gained 2.5 percent to ¥2,075 and NEC Electronics was 3.6 percent higher to ¥4,040.

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Story link: Tokyo markets up despite N. Korea concerns


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