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Market Update

Nikkei Drops 1.2%; Mitsubishi Estate, Sony Financial Net Rise


Author: Hiruki Nakamura
ticker.com
Last Update: 10:49 AM ET October 31 2013

4:30 PM Tokyo Nikkei Stock Average in Tokyo declined 1.2% and the yen advanced. Panasonic Corp lifted its annual profit outlook on weaker yen. Kurita Water Industries said net in the first-half declined 16%. Mitsubishi Estate net jumped 75%. Sony Financial first-half net increased 11%.

Stocks in Tokyo traded lower and the yen edged higher the after the U.S. Federal Reserve continued its gigantic $85 billion a month money printing program to buy U.S. Treasuries and mortgage bonds.

The monetary stimulus program is expected to continue at the current pace at least till end of first quarter as most policy makers deemed U.S. economy to be too weak to sustain economic growth without the help of Fed support.

The Nikkei 225 Stock Average slumped 174.41 or 1.2% to 14,327.94 and the Topix dropped 10.24 or 0.8% to 1,194.26.

The yen rose to 98.25 against one dollar.

Stocks in Review

Toyota Motor Corp slid 10 yen to 6,360 yen and Honda Motor Co. dropped 50 yen to 3,915 yen. Nissan Motor Co Ltd declined 33 yen to 982 yen.

Sony slumped 33 yen to 1,877 yen after the electronic and entertainment conglomerate reported sales in the second quarter soared 10.6% to 1.78 trillion yen from 1.60 trillion yen a year ago period.

Net loss for the quarter widened to 19.3 billion yen compared to 15.5 billion yen and loss per share increased to 18.19 yen from 15.41 yen a year earlier.

Softbank Corp slipped 220 yen to 7,300 yen after the mobile communication company reported net revenue in the first-half ending in September surged 72.7% to 2.60 trillion yen from 1.50 trillion yen a year earlier.

Net income for the quarter climbed 84.1% to 39.5 billion yen compared to 21.4 billion yen and diluted earnings per share jumped to 330.92 yen from 192.03 yen a year earlier.

The company projected net sales for the year ending in March of at least 6 trillion yen and operating income of at least 1 trillion yen.

Fast Retailing Co. declined 1,050 yen or 3.1% to 32,850 yen.

Mitsubishi Estate Co Ltd slipped 1.4% to 2,797 yen after the real estate developer reported revenue in the second-quarter ending in September increased to 481 billion yen from 435.9 billion yen a year ago.

Net income in the quarter soared 75.6% to 43.6 billion yen compared to 24.8 billion yen and diluted earnings per share climbed to 31.43 yen from 17.90 yen a year earlier.

Panasonic Corporation climbed 3.8% to 985 yen after the electronic products maker said net sales in the second-quarter ending in September soared 3.3% to 1.88 trillion yen from 1.82 trillion yen a year earlier.

Net in the quarter swung to a profit 61.5 billion yen compared to a net loss of 698 billion yen and earnings per share swung to 26.61 yen from loss of 301.93 yen a year earlier.

The company forecasted fiscal year net income to increase to 100 billion yen in the year ending in March from earlier estimate of 50 billion yen of July.

Sony Financial Holdings Inc jumped 1.1% to 1,827 yen after the Japan-based insurance company said preliminary revenues in the first-half ending in September jumped 11.6% to 610.7 billion yen from 547 billion yen a year ago period.

Net income in the period climbed 5.6% 20.8 billion yen compared to 19.7 billion yen and earnings per share increased to 48 yen from 45.35 yen a year ago.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc