Tokyo Stocks Extend Losses to Fourth day, Machinery Orders Plunges

Hiruki Nakamura
10 Jul, 2014
New York City

Stocks in Tokyo trading declined for the fourth day in a row and core machinery orders plunged 14.5% in May following 9% decline in April. Kaneko Seeds fiscal year sales increased 4.6% and net income surged 29%.

[R]4:30 PM Tokyo – Stocks in Tokyo trading declined for the fourth day in a row and core machinery orders plunged 14.5% in May following 9% decline in April. Kaneko Seeds fiscal year sales increased 4.6% and net income surged 29%.[/R]

Stocks in Tokyo closed lower for the fourth day in a row and resource, banks and exporters led the widespread decline.

The Cabinet Office said core machinery orders in May plummeted 19.5% following a 9.1% shrinkage in April. On a yearly basis, machine orders tumbled 14.3%.

The Nikkei 225 Stock Average dropped 86.18 or 0.5% to 15,216.47 and the broader Topix index slumped 11.57 to 1,259.25.

The yen eased and closed at 101.52 against one U.S. dollar.

Stocks in Review

Idemitsu Kosan Co., Ltd rose 0.3% to 2,182 yen after the petroleum products supplier agreed to acquire 12% stake in Pt Mitrabara Adiperdana Tbk, a public listed company in Indonesia.

MonotaRO Co., Ltd slipped 1.5% to 2,995 yen after the solder-related products retailer said total sales in June surged 31.1% to 3.54 billion yen from 2.70 billion yen a year ago month and climbed 7.6% to 3.29 billion of May.

NPC Incorporated dropped 2.1% to 325 yen after the photovoltaic equipment maker said net sales in the third-quarter ending in May surged 247% to 11.06 billion yen from 3.18 billion yen a year ago period.

Net loss in the quarter narrowed to 4 million yen compared to 530 million yen and loss per share slipped to 0.20 yen from 24.08 yen a year earlier.

Kaneko Seeds Co., Ltd fell 0.7% to 895 yen after the gardening products retailer reported net sales in the year ending in May jumped 4.6% to 56.51 billion yen from 54.01 billion yen a year ago.

Net income in the year soared 28.9% to 1.14 billion yen compared to 886 million yen and earnings per share climbed to 97.29 yen from 75.45 yen a year earlier.

Round One Corporation decreased 1.9% to 606 yen after the amusement and leisure facilities provider said total sales in June declined 6% to 5.91 billion yen from a year ago earlier. Sales from bowling business plunged 20% while sales from amusement segment jumped to 3.2%.

Sales for the quarter ending in June increased 1.4% to 19.62 billion yen from 19.35 billion yen a year ago period and sales from bowling business climbed 8.1% to 6.22 billion yen while sales from amusement segment slumped to 2.1% to 8.23 billion yen from a year earlier.