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Monday July 05, 02:50
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Technology shares lead fall in Tokyo
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Weak US employment data and worries about falling semiconductor demand pushed Tokyo stocks lower on Monday morning.
The Nikkei 225 average was down 1.5 per cent at 11,547.50 by midday while the Topix index also dropped 1.5 per cent to trade at 1,156.19.
Sentiment was dented by figures released late on Friday that showed the US had created fewer jobs than expected in June, a sign that the economy - a key Japanese export market - may not be as strong as previously thought.
But the negative news was partly alleviated by the fact that slower employment growth could translate into a more gradual increase in US interest rates, reducing the chance of a sharp drop in export demand.
Technology shares suffered the biggest losses as the market continued to be concerned that a rush of new investment had created too much capacity in the semiconductor sector worldwide. Fujitsu lost 2.1 per cent to Y732, Toshiba was off 1.2 per cent at Y430 and NEC fell 1.6 per cent to Y741.
Advantest, a maker of chip production equipment, fell 2.3 per cent to Y6,920 and Tokyo Electron, its main domestic rival, dropped 1.9 per cent to Y5,800.
In the auto sector, Nissan fell 1 per cent to Y1,184 after announcing a big investment in its Thai subsidiary last week. Honda dropped 1.4 per cent to Y5,080 and Toyota fell 1.4 per cent to Y4,350.
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