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Market Update

Nikkei Halts 5-Day Rally, Yen Crosses 93

Author: Hiruki Nakamura
Last Update: 8:50 AM ET February 05 2013

5:00 PM Tokyo Nikkei 225 Average halted a 5-day rally after investors booked profit. Hitachi Ltd lowered its full-year operating income by 18%. Japan Airlines Co gained after it estimated higher net. Fast Retailing Co said same store sales fell in January by 5.5%.

The Nikkei 225 Average in Tokyo halted a 5-day rally after investors took profit on the rising political tensions in the euro zone. Market averages backed away from 33-month highs.

In the absence of domestic news, investors took cues from international markets and sold stocks after markets in Spain declined 2% on the opposition party calls for the prime minister to resign in the wake of a brewing corruption scandal.

In Italy, market index dropped 3% after former Prime Minister Silvio Berlusconi made gains in the campaign ahead of presidential election in the last week of this month. Berlusconi promised to eradicate real estate tax and dismantle other reforms put in place by technocrat government.

The Nikkei 225 Stock Average plummeted 213.43 or 1.9% to 11,046.92 and the broader Topix Index slipped 16.05 or 1.7% to 939.70.

The yen edged lower to 93.20 against one dollar at close.

Stocks in Review

Hitachi Ltd declined 6.3% to 531 yen after the company lowered its operating income estimate by 13% and blamed slower demand in emerging markets.

Japan Airlines Co gained 5% to 4,010 yen after it estimated higher than expected profit and revenues from travel to U.S. and Europe outweighed the grounding of Dreamliner.

The company also said the grounding cost 700 million or $7.5 million for the rest of the current fiscal year.

GS Yuasa added 1 yen to 331 yen, IHI dropped 9 yen or 3.8% to 231 yen and Fuji Heavy Industries declined 49 yen or 3.6% to 1,304 yen. All Nippon Airways Co added 1 yen to 184 yen.

Toyota Motor Corp. slumped 55 yen to 4,540 yen and Honda Motor Co. decreased 85 yen to 3,465 yen and Nissan Motor Co Ltd slipped 20 yen to 955 yen. Mazda Motor Corp dropped 9 yen to 271 yen.

Nippon Steel down 7 yen to 267 yen and JFE Holdings Inc plunged 121 yen or 5.3% to 2,151 yen.

Fujikura decreased 7% after the cable maker cut its full year profit outlook to breakeven from the earlier estimate of 2 billion yen.

Shimano Inc slumped 100 yen to 6,080 yen.

Canon Inc gained 5 yen to 3,320 yen and Nikon fell 2 yen to 2,591 yen. TDK Corp climbed 20 yen to 3,190 yen.

Nintendo Co. Ltd slumped 70 yen to 8,710 yen and Pioneer Corp. slid 2 yen to 247 yen.

Fanuc Corp. decreased 80 yen to 14,250 yen and Komatsu Ltd slipped 39 yen to 2,421 yen. Hitachi Construction Machinery Co dropped 44 yen to 2,157 yen.

Softbank Corp declined 75 yen to 3,380 yen.

FamilyMart Co Ltd, the convenience chain operator increased 10 yen to 3,695 yen and Lawson gained 50 yen to 6,850 yen. Ito En Ltd decreased 14 yen to 1,751 yen.

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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