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 20, 2007

    Telecoms sector lower on mobile fee cuts

    Filed under: Companies, Nippon Steel, NTT, Matsushita Electric Industrial, Softbank, KDDI, Takefuji, Promise, Sanyo Shinpan

    The Tokyo equities markets saw gains on Friday.

    The Nikkei 225 gained 0.2 percent to 18,157.93 and the Topix closed at 1,776.17, 0.5 percent higher on the session.

    In the electronics sector, Matsushita Electric Industrial (TYO: 6572; NYSE: MC), which makes the Panasonic brand of consumer electronics, added 1.5 percent to ¥2,385.

    The steel sector was also higher, with Nippon Steel (TYO: 5401) adding 3.9 percent to ¥955 after it was reported that Japan’s output of crude steel was at a 33-year high in the first half of 2007.

    On the other hand, the telecommunications sector was lower after KDDI (TYO: 9433) and Softbank (TYO: 9984) both decided to cut fees to mobile phone users.

    NTT DoCoMo (TYO: 9437) fell 1.1 percent to ¥181,000, while Softbank dropped 2.7 percent to ¥2,665 and KDDI was 6.1 percent lower to ¥853,000.

    The consumer finance sector also saw losses.

    Sanyo Shinpan (TYO: 8573) was 2.2 percent lower to ¥3,520, while Takefuji fell 5.4 percent to ¥3,820 and Promise was down 6.6 percent to ¥3,540.





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