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Tuesday 02nd of December 2008
November 17, 2006

Tokyo markets lower on oil prices


by Elaine Frei

In Tokyo on Friday both the Nikkei 225 and the Topix index fell by 0.5 percent, to 16,091.73 and 1,573.54 respectively. Some of the declines were due to declines in the oil sector as crude oil prices fell, while the banking sector was also lower.

The semiconductors sector saw gains on the session on a report from the Semiconductor Equipment Association of Japan said that chip equipment is in high demand globally. Tokyo Electron was 2.8 percent higher to ¥8,930.

The banking sector was 1.1 percent lower as a whole after the Bank of Japan’s governor did not make hawkish comments about interest rates when the Bank declined to raise the rate when they met Thursday. Analysts are convinced that higher interest rates will benefit banks because of the income they will receive from higher interest payments on loans will outweigh the interest they pay to depositors. Mizuho Financial dropped 0.8 percent to ¥849,000.

In the real estate sector, Sumitomo Realty & Development fell 3.4 percent to ¥3,410 even though its reported that its consolidated recurring profit was up 83 percent. The decline was attributed to profit-taking.

The drop in oil prices sent Inpex down 3.5 percent to ¥934,000. Despite the decline in oil prices, the air transport sector was also lower, dropping 0.9 percent as a whole. Japan Airlines fell 1.4 percent to ¥217.

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