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Friday 21st of November 2008
November 2, 2006

Nikkei, Topix each drop 2.2 percent


by Elaine Frei

The Tokyo equities markets were lower on Thurdsay, with both the Nikkei 225 and the Topix index dropping 0.2 percent, to 16,350.02 and 1,619.02 respectively. Both export-focused and domestic sectors were instrumental in the declines.

Stocks in technology sectors were hit by bad news out of the United States, including declines in the semiconductors sector and weak manufacturing figures for October. Advantest dropped 1 percent to ¥5,750. In the electronics sector, Matsushita dropped 1.6 percent to ¥2,415, while Pioneer fell 2.9 percent to ¥1,791. Camera manufacturer Canon, meanwhile, was 0.5 percent lower to ¥6,280.

Sectors related to metals were lower on dropping prices for raw materials, as both the non-ferrous metals and metals products sectors were 0.4 percent lower on the session. Sumitomo Metal Mining dropped 1.4 percent to ¥1,530.

The real estate sector was 0.5 percent lower as a whole, with Mitsui Fudosan falling 0.7 percent to ¥2,860.

Gainers included Suzuki Motor, which added 2.4 percent to ¥3,420 on a positive quarterly report and an upgraded full-year prediction.

Bridgestone was even on the day at ¥2,445 on a report of a decline of 34 percent in operating profits in the third quarter. Higher raw materials prices were to blame. The tire maker’s share price was initially lower after the report, but an unchanged full-year forecast helped regain the losses.

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