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 24, 2007

    Telecommunications sector sees gains

    Filed under: Companies, Mizuho, NTT, Mitsubishi UFJ, Resona, Softbank, Tokyo Electric Power, KDDI

    In Tokyo, the Nikkei was 0.2 percent higher on Tuesday to 18,002, while the Topix index advanced 0.5 percent to 1,765.99 and the Mothers market of small and mid-caps jumped 1.98 percent to 852.21.

    Tokyo Electric Power (TYO: 9501) was higher after several sessions of losses after last week’s earthquake damaged one of its nuclear power plants, adding 3.4 percent to ¥3,340.

    Also managing a comeback was the telecommunications sector, which had been lower after two mobile operators announced price cuts.

    KDDI (TYO: 9433) had the best rebound in the sector, gaining 4.8 percent to ¥870,000 on a 15.6 gain in operating profits in the quarter ending in June.

    Elsewhere in the sector, NTT DoCoMo (TYO: 9437) was 1.1 percent higher to ¥178,000 and Softbank (TYO: 9984) was up ¥2,620.

    The banking sector also saw gains.

    Mitsubishi UFJ (TYO: 8306; NYSE: MTU) was 0.77 percent higher to ¥1,310,000, while Mizuho Financial (TYO: 8411; NYSE: MFG) gained 2.1 percent to ¥857,000 and Resona Holdings (TYO; 8308) added 4.1 percent to ¥280,000.





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