Sell-offs send Tokyo markets lower

| November 8, 2006 | 0 Comments

The Tokyo equities markets were lower on Wednesday on sell-offs in the telecommunications sector. The Nikkei 225 dropped 16,215.74, a decline of 1.1 percent, while the Topix index was 1.2 percent lower to 1,597.50.

The automobile manufacturing sector saw gains. Toyota Motor added 1.8 percent to ¥7,230 after it reported record profits in an interim report and predicted that operating profits for the full year will be at ¥2,200 billion. Isuzu Motor, meanwhile, added 12.1 percent to ¥465 on the news that Toyota will acquire a 5.9 percent share in the company.

In the telecommunications sector, Softbank dropped 4.1 percent to ¥2,340 in anticipation of the release of an earnings report. After the close, it said that it had seen profit in the first half of its fiscal year on acquisitions in its telecoms operations and better performance in its internet business.

Astellas Pharma was down 1.7 percent to ¥5,200 on a reduced full-year prediction and on negative remarks from UBS.

Japan Airlines was 1.4 percent lower to ¥218 on a report that its operating profit was down by half in the first half of its fiscal year and after it said it was cutting its full-year forecast by 24 percent. The air carrier said that its first half profit was affected by slow demand for its domestic flights.

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