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Nikkei dips as mobile operators drop, Yahoo jumps
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Nikkei dips as mobile operators drop, Yahoo jumps
The Nikkei average slipped 0.05 percent yesterday as Kao Corp. fell on poor earnings while a price war started by Softbank Corp. dragged down other mobile operators such as KDDI Corp.
Yahoo Japan Corp. surged by its daily limit of 4 000 yen, or 8.8 percent, to 49 500 yen, after the country’s most popular Web portal posted a 22 percent rise in quarterly net profit, and Fujitsu Ltd advanced after raising its forecast.
The Nikkei added nearly 240 points in the previous two sessions, getting closer to the key resistance level of 17 000, making investors cautious.
The Nikkei edged down 8.35 points to end at 16 780.47. The benchmark closed at a five-month high on the day before. The broader TOPIX index was up 0.19 percent at 1 662.53.
Toru Kitani, senior investment manager at Sompo Japan Asset Management, said that just like the global economy was slowing so appeared to be the earnings growth momentum. According to Shinko Research Institute, companies on the Tokyo Stock Exchange’s first section posted a 11.3 percent recurring profit rise for the fiscal year 2005/06. This fiscal year started in April, these firms project about a 2 percent growth.
“In the end, the overall number could show a negative growth this fiscal year,” he said. “The market is factoring in a slowdown of the global economy and its impact on the Japanese economy.”
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