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Tuesday 02nd of December 2008
November 27, 2006

Tokyo domestic stocks see gains


by Elaine Frei

In Tokyo on Monday equities markets saw gains, especially in domestically-focused stocks, as the Nikkei 225 added 1 percent to 15,885.38 and the Topix index ended the session 1 percent higher as well, at 1,553.01.

Export-focused stocks did not have as good a day of it. In the electronics sector, Sony dropped 0.7 percent to ¥4,570 after it said that eight of its best-selling models of digital cameras were defective, becoming unable to take pictures when exposed to heat and humidity. Sanyo, meanwhile, fell 5.6 percent to ¥170 as it announced another 2,200 employee layoffs and said it would end the fiscal year with losses for the third year in a row on declining mobile phone sales both in the US and domestically.

Automobile manufacturers saw declines as well. Toyota was 0.2 percent lower to ¥6,880, while Honda Motor was down 0.5 percent to ¥4,040.

Some of the domestic stocks that saw gains on the session were helped by broker upgrades. Fixed-line telecommunications company NTT added 2.3 percent to ¥578,000 on an increased target share price from Morgan Stanley. All Nippon Airways was 3.2 percent higher to ¥423 on an upgrade from Nikko Citigroup, which cited strong demand for international flights. Pharmaceutical company Eisai gained 3.3 percent to ¥6,240 on both a ratings upgrade and a raised target share price from UBS.

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