Banking losses lead Tokyo shares lower
>By David Turner in Tokyo
>Published: October 13 2005 05:07 | Last updated: October 13 2005 05:07
>>
Japanese stocks fell sharply on Thursday morning, as investors took profits on recent gainers such as real estate and banking stocks.
The Nikkei 225 stock average fell 1.3 per cent to 13,290.71, while the broader Topix ended the morning down 1.1 per cent at 1,390.97.
Investors have been in a jittery mood in recent days, creating more volatility in Japanese shares than usual. The Nikkei rose at its fastest pace in a year on Tuesday – the first day of trading after a three-day weekend, triggering profit-taking in a variety of sectors.
The real estate sector, which rose to its highest level in almost 14 years in the previous session, fell 0.8 per cent on Thursday morning. Mitsui Fudosan
, Japan’s biggest real estate company, declined 1.8 per cent to Y1,739.
Banking stocks also succumbed to profit-taking, falling 1.1 per cent. Mizuho
slipped 1.4 per cent to Y710,000.
Chip-related stocks fell in the wake of disappointing earnings from Advanced Micro Devices, the world’s second biggest chipmaker, and ahead of next week’s earnings from Intel, the world’s biggest chipmaker. Kyocera
, the electronic parts manufacturer, slumped 3.1 per cent to Y,560. Advantest
, which makes chip testing devices, fell 1.1 per cent to Y8,740.
But Tokyo Broadcasting
leapt 13 per cent to Y3,650 after a report that Rakuten, the online shopping mall operator, and an investment fund led by Yoshiaki Murakami, the shareholder activist, had each acquired more than 5 per cent stake in the company.