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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    August 3, 2007

    Real estate higher on Tokyo apartment prices

    Filed under: Companies, Sony, Toyota, Tokyu Land, Fast Retailing, Sumitomo Realty & Development, Ashai Breweries

    Tokyo’s Nikkei 225 was slightly lower on Friday, falling 0.03 percent to 16,979.86.

    The Topix index managed a gain of 0.19 percent to 1,672.54, however, and the Mothers market was 0.53 percent higher to 834.57.

    The real estate sector was higher after a report that prices for apartments in the Minato ward in central Tokyo doubled in the past year.

    Tokyu Land (TYO: 8815) was up 2.24 percent to ¥1,235, while Sumitomo Realty & Development (TYO: 8830) added 4.74 percent to ¥3,760 after Sumitomo reported that its operating profit in the most recent quarter was up 50 percent.

    Some exporters were also higher as carmaker Toyota Motor (TYO: 7203.T; NYSE: TM; LSE: TYT) gained 0.14 percent to ¥7,080, while in the electronics sector Sony (TYO: TYO: 6758; NYSE: SNE) was 0.99 percent higher to ¥6,110.

    Fast Retailing (TYO: 9983) fell 1.5 percent to ¥6,720 on its report that its Uniqlo clothing line dropped 11.7 percent in like-for-like sales in July, which it blamed on bad weather.

    Also lower was Ashai Breweries (TYO: 2502), which was down 2 percent to ¥1,676 after it said that operating profit in the most recent quarter dropped by 19 percent.





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