5:10 PM Tokyo – Market indexes in Tokyo edged lower and hugged the recent bear market level after smaller investors continued to sell stocks. However, foreign and domestic large investors added net positions to cyclical and real estate companies on the expectations of rising profits.
Tokyo stocks drifted above and below the market close of yesterday as retail investors exited smaller stocks and foreign and domestic institutional investors added positions to larger companies in the and real estate sector ad cyclical companies.
The Nikkei 225 Stock Average slid 25.84 to 13,007.28 and Topix index edged up 1.68 to 1,086.40.
The yen strengthened to 94.91 against one dollar in today’s trading and the currency is still below its 4-year peak of 103.73 on May 22.
Stocks in Review
Toyota Motor Corp increased 100 yen to 5,800 yen and Honda Motor Co. closed unchanged at 3,495 yen and Nissan Motor Co Ltd added 2 yen to 1,000 yen.
Sony soared 86 yen or 4.4% to 2,036. Canon Inc rose 15 yen to 3,175 yen and Nikon slid 5 yen to 2,429 yen.
Fanuc Corp fell 60 yen to 14,570 yen Softbank Corp down 10 to 5,240 yen.
Seven & I Holdings Co lowered 25 yen to 3,390 yen. Fast Retailing Co. jumped 80 to 29,820 yen.
Mitsubishi UFJ Financial Group slid 3 yen to 579 yen and Sumitomo Mitsui Financial Group slipped 25 yen to 4,030 yen.
Daniel Loeb the billionaire and hedge fund manager has increased his stake in Sony Corporation while pushing the company to spin-off its entertainment business.
Mitsui O.S.K. Lines, Ltd. surged 22 yen or 6.1% to 381 yen after positive comments from Credit Suisse and the expectations of a recovery in bulk cargo rate.
Separately the shipping company said its containership MOL Comfort sailing from Singapore to Jeddah in the Indian Ocean suffered damage amid bad weather and 26 crew members were forced to take lifeboats.
The Kansai Electric Power Company, Inc soared 81 yen or 6.2% to 1,384 yen after the electric power supplier will issue corporate bonds of 30 billion yen with coupon rate of 0.718% and with terms of three years on June 21, 2013.