Mituskoshi, Seven & I Down in Tokyo

123jump.com Staff
03 Jul, 2009
New York City

Stocks in Japan edged lower after the 26-year high U.S. unemployment and 10-year record in Europe. Retailers fell after Seven & I and others reported lower earnings. Mitsui OSK and Nippon Yusen fell on a decline in freight rate index.

[R]9:00 PM Tokyo, 7:00 AM New York – Stocks in Japan edged lower after the 26-year high U.S. unemployment and 10-year record in Europe. Retailers fell after Seven & I and others reported lower earnings. Mitsui OSK and Nippon Yusen fell on a decline in freight rate index.[/R]

Stocks in Japan closed lower after rising unemployment in Europe and U.S. and weak sales at domestic retailers.

The Nikkei 225 Index in Tokyo closed lower 60.08 or 0.61% to 9,816.07 and for the week stock declined 0.7%.

Gainers & Losers

Seven & I plunged 4.9% to 2,190 yen after net income plunged 28% in the fiscal first quarter. Isetan Mitsukoshi declined 4.9% to 950 yen and Fast Retailing Company dropped 2.9% to 12,050 yen.

Arcs Co. increased 7.4% to 869 yen after the supermarkets stores operator reported net sales in the three months to May increased 3.4% and net income declined 4.5%.

Daiei Inc dropped 1.6% to 433 yen after three month to May net loss was 1.25 billion yen compared to 2.12 yen net income.

Mitsui O.S.K. dropped 3% to 593 yen and Nippon Yusen decreased 1% to 410 yen after the Baltic Dry Index decreased 1.9% On Thursday.

Nippon Yusen also estimated higher than estimated profit at its capsize division that ships iron ore according to interview with Kazuo Ogasawara interview and quoted by Bloomberg News.

Three months ago the shipper had estimated pre-tax profit of 70 billion yen and net income of 18 billion yen. The measure of freight rate for ocean cargo has been dropping from as high as 4,293 at the beginning of June to 3,672.

Orix surged 7.1% after the company said it plans to raise 100 billion yen that may include business acquisitions and loan repayments.

The construction equipment maker Wakita & Company sales for the three months ending in May declined 5.9% to 10.7 billion and net income fell 17% 586 million yen.

Nikkei 200 Average Movers

Seven & I Holdings Co Ltd led the decliners in the Nikkei 225 index of 4.9% followed by losses in Isetan Mitsukoshi Holdings Ltd of 4.9%, in Eisai Co Ltd of 4.6%, in Aeon Co Ltd of 4.3% and in Shimizu Corp of 3.3%.

Sumco Corp led gainers in the Nikkei 225 index with a rise of 5.0% followed by gains in CSK Holdings Corp of 3.5%, in Denso Corp of 3.3% and Tokyo Electron Ltd of 3.2%.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 60.08 or 0.61% to 9,816.07, Hang Seng index in Hong Kong increased 25.35 or 0.14% to 18,203.40, CSI 300 index in China higher 44.78 or 1.36% to 3,327.14. ASX 200 index in Australia decreased 49.10 or 1.27% to 3,828.20.The KL Composite index in Malaysia closed lower 6.02 or 0.56% to 1,072.69.

The Kospi Index in South Korea increased 8.56 or 0.61% to close at 1,420.04.SET index in Thailand closed lower 2.94 or 0.50% to 583.48 and JSE Index in Indonesia increased 9.55 or 0.46% to 2,075.30. The Sensex index in India increased 254.56 or 1.74% to 14,913.05.