Fifth Weekly Rise in Nikkei, Local Economy Stocks Favored

Nigel Thomas
06 Jul, 2012
New York City

Tokyo averages decreased but gained for the fifth week in a row. Investors added to stocks in telecom, retail, banks and real estate sectors and preferred stocks active in the domestic economy.

[R]7:00 PM Tokyo – Tokyo averages decreased but gained for the fifth week in a row. Investors added to stocks in telecom, retail, banks and real estate sectors and preferred stocks active in the domestic economy.[/R]

In choppy trading in Tokyo stocks closed lower after investors questioned how far the latest coordinated actions by the central banks in China, Europe and UK will go in boosting economies.

Traders are increasing exposure to domestic economy oriented companies and stocks in real estate, retail, banks and transportation sectors gained.

The Nikkei 225 Stock Average declined 59.05 to 9,020.75 and the broader Topix index fell 4.54 to 771.83. For the week, the Nikkei increased 0.2%, fifth weekly gain in a row.

Stock Movers

Yamada Denki declined 3% to 3,660 yen after two brokers lowered their views and price target on the retailer.

Nitori Holdings Co rose 0.1% to 7,580 yen, apparel retailer Shimamura added 0.2% to 9,260 yen and Sagami Co slid 1.6% to 120 yen. Marushohotta Co unchanged to 48 yen and Edion Corp gained 1.2% to 399 yen.

Fast Retailing Co. increased 10 yen to 15,790 yen and J. Front Retailing Co. Ltd gained 6 yen to 408 yen.

Kajima Corp unchanged to 227 yen and Taisei Corp rose 2.3% to 217 yen. Sekisui House Ltd added 0.9% to 761 yen and Daito Trust Construction Co Ltd up 0.3% to 7,590 yen.

Tokyo Tatemono Co., Ltd decreased 4 yen to 283 yen and Mitsui Fudosan fell 1 yen to 1,501 yen and Sumitomo Realty & Development Co. increased 11 yen to 1,902 yen.

Kansai Electric Power Company, Inc fell 3 yen to 906 yen and Tokyo Electric Power down 2 yen to 153 yen.

Toyota Motor decreased 10 yen to 3,215 yen and Honda Motor Co. slipped 19 yen to 2,706 yen and Nissan Motor Co Ltd slid 4 yen to 746 yen.

Sony Corp fell 4 yen to close at 1,095 yen and Panasonic Corp closed down 2 yen to 622 yen. Toshiba decreased 4 yen to 299 yen.

Olympus Corp unchanged to 1,291 yen and Nikon advanced 40 yen to 2,579 yen after Nikkei business daily reported camera division operating profit may increase as much as 48% in the current fiscal year.

Fanuc Ltd declined 250 yen to 13,220 yen and Canon Inc dropped 80 yen to 3,120 yen.

Komatsu Ltd slipped 7 yen to 1,961 yen and Hitachi Construction Machinery Co fell 5 yen to 1,475 yen.

Inpex Corp fell 0.8% to 453,000 yen and Japan Petroleum Exploration Co. increased 25 yen to 3,115 yen.

Freight shipping companies gained after the index of freight rate in London jumped 3.2%.

Mitsui O.S.K. Lines, Ltd unchanged to 281 yen; Kawasaki Kisen Kaisha, Ltd rose 1 yen or 0.8% to 131 yen and Nippon Yusen K.K. added 1 yen to 209 yen.

Mitsubishi UFJ Financial Group fell 3 yen to 394 yen and Sumitomo Mitsui Financial Group decreased 4 yen to 2,647 yen. Nomura Holdings, Inc slid 4 yen to 288 yen.

Credit Saison Co Ltd closed down 49 yen to 1,726 yen.

Nippon Steel fell 3 yen to 175 yen and JFE Holdings Inc slipped 16 yen to 1,221 yen.