Tokyo Rally Halted, Sony Plunges 10%

Hiruki Nakamura
08 Feb, 2013
New York City

Stocks in Tokyo halted a 12-week rally and closed down on Friday. Nikkei declined 0.3% in the week after the yen pause its recent slide. Sony plunged 10% after investors take profit after the stock ran up 42% in January.

[R]5:00 PM Tokyo – Stocks in Tokyo halted a 12-week rally and closed down on Friday. Nikkei declined 0.3% in the week after the yen pause its recent slide. Sony plunged 10% after investors take profit after the stock ran up 42% in January.[/R]

Stocks in Tokyo declined for the second day after the decline in yen paused and cautious statement from the European Central Bank president.

Sony plunged 10% after it reported eighth consecutive quarterly loss and disappointed investors who bid up stock 42% in January. Investors estimated weaker yen will help the company but only of if export sales are rising.

Separately, China reported January exports surged 12.4% and imports increased 3.4% after adjusting for holiday calendar changes compared to a year ago. In the month, unadjusted exports rose 25% and imports increased 28.8%, according to the data released by the General Administration of Customs.

Separately, China said consumer prices rose 2%, decline from the 2.5% increase in December.

The Nikkei 225 Stock Average dropped 210.92 or 1.9% to 11,146.15 and the broader Topix Index slumped 11.83 or 1.2% to 957.35.

Trading on the main board was the second heaviest with 5.14 billion shares changing hands.

For the week, the Nikkei decreased 0.3%.

The yen edged lower to 93.52 against one dollar after dropping to as low as 94.08 on yesterday.

Stocks in Review

Yamada Denki declined 6% to 3,625 yen after the electronics retailer estimated 57.3 billion yen in operating profit in the current fiscal year.

Japan Airlines Co soared 200 yen or 4.8% to 4,390 yen. GS Yuasa slipped 5 yen to 330 yen, IHI decreased 6 yen to 246 yen and Fuji Heavy Industries declined 61 yen or 4.4% to 1,329 yen. All Nippon Airways Co jumped 9 yen or 4.9% 193 yen.

Toyota Motor Corp. climbed 80 yen to 4,895 yen and Honda Motor Co. dropped 50 yen to 3,530 yen and Nissan Motor Co Ltd slid 6 yen to 987 yen. Mazda Motor Corp slumped 11 yen to 306 yen.

Nippon Steel fell 2 yen to 271 yen and JFE Holdings Inc slipped 63 yen to 2,119 yen.

Fujitsu Ltd increased 5.1% to 434 yen after the maker of mainframe computer said it will eliminate 5,000 jobs and merge its chip business with Panasonic Corp. Panasonic declined 5%.

Shimano Inc dropped 70 yen to 6,120 yen.

Canon Inc declined 75 yen to 3,235 yen and Nikon slumped 62 yen to 2,077 yen. TDK Corp decreased 60 yen to 3,210 yen.

Nintendo Co. Ltd slipped 190 yen to 8,710 yen and Pioneer Corp. plunged 17 yen or 6.8% to 232 yen.

Fanuc Corp. fell 40 yen to 14,750 yen and Komatsu Ltd dropped 64 yen to 2,394 yen. Hitachi Construction Machinery Co slumped 42 yen to 2,139 yen.

Sony tumbled 154 yen or 10.1% to 1,365 after the company reported loss in the quarter narrowed to 10.8 billion yen, eight in a row and reiterated estimate for the year profit of 20 billion yen.

Asahi Glass dropped 7% to 617 yen after net income for the year to December plunged 54% from a year ago.

Softbank Corp declined 80 yen to 3,385 yen.

FamilyMart Co Ltd, the convenience chain operator slipped 35 yen to 3,745 yen and Lawson dropped 130 yen to 6,800 yen. Ito En Ltd slumped 25 yen to 1,763 yen.

Seven & I Holdings Co decreased 64 yen to 2,753 yen. Fast Retailing Co. declined 640 yen to 24,070 yen and J. Front Retailing Co. Ltd slipped 13 yen to 509 yen.

Mitsubishi UFJ Financial Group down 7 yen to 531 yen and Sumitomo Mitsui Financial Group slumped 45 yen to 3,745 yen. Dai-Ichi Life dropped 3.2% to 129,200 yen. Nomura Holdings, Inc fell 2 yen to 529 yen.

Takeda Pharmaceutical Co decreased 75 yen to 4,625.

Mitsui O.S.K. Lines, Ltd slipped 11 yen to 318 yen and Nippon Yusen K.K. declined 7 yen or 3.1% to 219 yen.