Nikkei Drop of 1.5% Trims Weekly Rise to 3.5%

Hiruki Nakamura
06 Sep, 2013
New York City

Stocks in Tokyo gained and the Nikkei index declined 1.5% and gained 3.5% in the week. Construction companies and real estate developers led the decliners after surging as much as 45% in the year on the jitters that Tokyo may not be selected to host 2020 Olympic Games.

[R]4:40 PM Tokyo – Stocks in Tokyo gained and the Nikkei index declined 1.5% and gained 3.5% in the week. Construction companies and real estate developers led the decliners after surging as much as 45% in the year on the jitters that Tokyo may not be selected to host 2020 Olympic Games.[/R]

Stocks in Tokyo closed higher as construction and financial stocks led the advance.

Speculators lifted real estate developers and construction companies ahead of the decision to select the next venue for 2020 Olympic Games.

Tokyo is leading the race with Madrid and Istanbul are two other contenders for the games.

The Nikkei 225 Stock Average slipped 204.01 or 1.5% to 13,860.81 and the Topix fell 10.02 to 1,147.82. For the week, Nikkei 225 climbed 3.5%.

Nitto Denko, a maker of materials is scheduled to be included in the widely followed Nikkei 225 Average on Sept 26, the index compiler Nikkei Inc said today.

The statement on the website also said Tokyu Fudosan will be added on October 2 and Tokyu Land will be dropped from Sept 26.

The yen eased to 99.84.

Stocks in Review

Toyota Motor Corp fell 40 yen to 6,210 yen Honda Motor Co. rose 25 yen to 3,785 yen. Nissan Motor Co Ltd slid 4 yen to 1,015 yen.

Sony gained 11 yen to 2,087 yen.

Softbank Corp dropped 140 yen to 6,380 yen and Fast Retailing Co. declined 1,250 yen to 32,950 yen.

Kyokuyo Co., Ltd, the marine products trader declined 4.1% to 260 yen after South Korea likely to ban import of fishery products from eight Japanese prefectures that includes surrounding area of Fukushima nuclear plant.

NTT Docomo Inc rose 0.6% after the Japan-based mobile company is expected to strike a deal with Apple Inc to sell its popular wireless gadget as early as this autumn, according to local media reports in Tokyo.

Suntory Beverage & Food Limited gained 1.3% to 3,500 yen after the beverages and food maker is in talks to buy the Lucozade and Ribena brands from drugmaker GlaxoSmithKline Plc. The deal is valued more than £1 billion.