Tokyo Market News: investment market news from the Nikkei and Topix indices
Tokyo Market News: investment market news from the Nikkei and Topix indices

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    July 18, 2007

    Retailers decline in Tokyo

    Filed under: Companies, Isetan, Tokyo Electron, Fast Retailing, Tokyo Electric Power, Aeon, Pioneer, Nikon

    In Tokyo on Wednesday the Nikkei 225 was 1.1 percent lower to 18,015.58, while the Topix index also dropped 1.1 percent, to 1,758.65.

    The declines came from both domestically-focused and export-focused sectors.

    On the domestic side, the retail sector was down 1.9 percent as a whole, with several retailers doing even worse than that.

    Aeon (TYO: 8267) dropped 2.1 percent to ¥2,055, while department store chain Isetan (TYO: 8238; SGX: I15) fell 2.2 percent to ¥1,922.

    The worst performer on the Nikkei was Fast Retailing (TYO: 9983), which was down 4.4 percent to ¥7,280.

    In the utilities sector, Tokyo Electric Power (TYO: 9501) was 4 percent lower to ¥3,600 on reports that a survey of earthquake damage in its Kashiwazaki-Kariwa nuclear power plant had found 50 separate problems.

    After US semiconductors manufacturer Intel (NAS: INTC; SEHK: 4335) reported margins at the low end of predictions in the second quarter, chipmaker Tokyo Electron (TYO: 8035) dropped 1 percent to ¥8,930.

    The electronics sector was mixed on broker recommendations.

    While Nikon (TYO: 7731) added 0.5 percent to ¥3,730 on a Morgan Stanley (NYSE: MS) upgrade from “overweight” to “equal-weight”, Pioneer was 3.3 percent lower to ¥1,645 after Credit Suisse (NYSE: CS; SWX: CSGN) cut its rating from “neutral” to “underperform”.





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