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 14, 2007

    Traders up after recent declines

    Filed under: Companies, Mitsui OSK, Nippon Yusen, Kawasaki Kisen, Mitsubishi UFJ, Mitsubishi, Millea, Sumitomo Mitsui, Itochu, Kojima, Edion

    Tokyo’s equities markets were higher on Tuesday.

    The Nikkei 225 added 0.3 percent to 16,844.61, while the Topix index was up 0.3 percent to 1,637.46.

    The Mothers market gained 0.62 percent to 722.26.

    General traders, significantly lower in recent sessions, did better on the day.

    Mitsubishi Corp (TYO: 8058; OTC: MSBHY) was 4.2 percent higher to ¥3,090, while Itochu (TYO: 8001) added 6.9 percent to ¥1,323.

    Itochu had dropped 18 percent since the beginning of the month.

    Home appliance retailers did very well as continued temperatures of over 35 degrees centigrade (95 degrees Fahrenheit) boosted sales of air conditioners.

    Kojima (TYO: 7513) was 5.8 percent higher to ¥998, while Edion (TYO: 2730) jumped 9.9 percent to ¥1,210.

    Shippers did better on the possibility that rates for shipping could go up as carriers worked near capacity.

    Nippon Yusen (TYO: 9101) was up 3.4 percent to ¥1,147, while Kawasaki Kisen (TYO: 9107) added 4.3 percent to ¥1,549 and Mitsui OSK Lines (TYO: 9104) gained 4.6 percent to ¥1,698.

    Declines came in financial services as subprime market worries continued.

    Among banks, Sumitomo Mitsui (TYO: 8316) was 1 percent lower to ¥978,000, while Mitsubishi UFJ (TYO: 8306; NYSE: MTU) was down 1.7 percent to ¥1.14 million for its lowest close in nearly 2 years.

    Insurer Millea Holdings (TYO: 8766) dropped 2.1 percent to ¥4,690.





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