Nikkei ends marginally weak

Nikkei ends marginally weak
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First Published: Fri, Jul 11 2008. 01 38 PM IST
Updated: Fri, Jul 11 2008. 01 38 PM IST
AP
Tokyo: Japanese shares ended slightly lower on 11 July after a late rally erased early damage and left investors feeling positive about next week.
The benchmark Nikkei 225 index fell 27.52 points, or 0.2%, to 13,039.69. The index once again dipped below the psychological 13,000 barrier before recovering — the third time it did so this week.
“There was some selling as people settled positions before the weekend, but the strong recovery late shows upbeat buyers remain,” said Hiroichi Nishi, a general manager at Nikko Cordial Securities.
“Generally the mood is upbeat. Next week investors will be watching earnings results by US financial institutions, as well as external factors like oil and foreign exchange,”Nishi added.
Oil extended gains Friday in Asia after rebounding more than $5 in the previous session. Another missile launch by Iran had stoked worries that escalating political tensions in the Middle East could cut off supplies out of the region.
Top Japanese automaker and major exporter Toyota Motor Corp. ended 1.8% lower at 4,890 yen. Toyota said Thursday it would adjusts its US manufacturing operations to meet customers’ demands for smaller, more fuel-efficient vehicles.
Japan mobile operator Softbank Corp. fell 0.7% to end at 1,958 yen despite a heavy dose of publicity as it launched exclusive sales of the iPhone in Japan. Chief rival NTT DoCoMo Inc. slid 3.6% to 161,000 yen.
The Topix index of all Tokyo Stock Exchange First Section issues fell 0.4% to 1285.9.
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First Published: Fri, Jul 11 2008. 01 38 PM IST
More Topics: Japan | Markets | Nikkei | Topix | Money Matters |