Global Markets Weakness Pare Weekly Gains in Japan

Hiruki Nakamura
01 Aug, 2014
New York City

Global weakness dragged markets in Tokyo and Topix and Nikkei pared weekly gains. The yen traded near 102 mark against the dollar. Freight ship liner Mitsui O.S.K. said quarterly net tumbled 34%. Suzuki Motor net soared 39%.

[R]4:30 PM Tokyo – Global weakness dragged markets in Tokyo and Topix and Nikkei pared weekly gains. The yen traded near 102 mark against the dollar. Freight ship liner Mitsui O.S.K. said quarterly net tumbled 34%. Suzuki Motor net soared 39%.[/R]

Market indexes in Tokyo closed lower following global market sell-off after Argentina defaulted on its debt obligations and tensions rose in the Middle East and between Russia and European nations.

The Nikkei 225 Stock Average slipped 97.66 or 0.6% to 15,523.11 and the broader Topix index fell 8.12 to 1,281.30. For the week, Nikkei 225 gained 0.4%.

The yen closed at 102.98 against one U.S. dollar.

Stocks in Review

Komori Corporation slipped 1.4% to 1,236 yen after the printing equipment maker reported revenue in the first-quarter ending in June surged 14.8% to 16.39 billion yen from 14.28 billion yen a year ago period.

Net income in the quarter climbed 12.6% to 410 million yen compared to 364 million yen and earnings per share increased to 6.63 yen from 5.89 yen a year earlier.

Mitsui OSK Lines Ltd declined 2.6% to 374 yen after the shipping company said revenue in the first-quarter ending in June climbed 7.8% to 443.91 billion yen from 411.92 billion yen a year ago period.

Net income in the quarter tumbled 34.2% to 8.51 billion yen compared to 12.94 billion yen and diluted earnings per share dropped to 6.79 yen from 10.82 yen a year earlier.

The company raised the revenue forecast for the year to 1.83 trillion yen from 1.80 trillion yen but net profit to decline 40 billion yen from 60 billion yen and earnings per share may drop to 33.45 yen from 50.17 yen per share.

Suzuki Motor Corporation dropped 1% to 3,429 yen after the automobile company reported revenue in the first-quarter ending in June jumped 5.1% to 710.40 billion yen from 675.80 billion yen a year ago period.

Net income in the quarter surged 38.8% to 37.52 billion yen compared to 27.03 billion yen and diluted earnings per share climbed to 66.88 yen from 48.18 yen a year earlier.

Takeda Pharmaceutical Co Ltd slid 0.6% to 4,700 yen after the pharmaceutical company reported revenue in the first-quarter ending in June fell 0.2% to 411.15 billion yen from 410.31 billion yen from a year ago period.

Net income in the quarter declined 7.1% to 33.40 billion yen compared to 35.94 billion yen and diluted earnings per share slipped to 42.36 yen from 45.48 yen a year earlier.

Toho Holdings Co Ltd declined 2.1% to 1,914 yen after the medical-products wholesaler said net sales in the first-quarter ending in June dropped 2.7% to 284.48 billion yen from 289.33 billion yen a year ago period.

Net income in the quarter 27.59 billion yen compared to 26.26 billion yen and diluted earnings per share edged down to 36.59 yen from 36.64 yen a year earlier.