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Japanese shares end five-day winning streak
Wed, Oct 14, 2009
AFP

TOKYO, JAPAN - Japanese share prices ended slightly lower on Wednesday as investors took profits after five straight daily gains, with a firmer yen weighing on exporters.

The benchmark Nikkei-225 index fell 16.35 points, or 0.16 percent, to 10,060.21. The broader Topix index of all first section shares declined 7.06 points, or 0.78 percent, to 894.34.

A subdued performance by US stocks the previous day kept the mood cautious, despite better-than-expected earnings at high-tech giant Intel.

"Traders are not sure whether solid Intel earnings will spur buying or profit-taking in the next Wall Street session," Mizuho Securities analyst

Yutaka Miura told Dow Jones Newswires. "It could really go either way."

Bank stocks were hit by reports that ailing Japan Airlines will seek debt waivers from its creditors of 250 billion yen (2.8 billion US dollars) or more.

"It's unlikely that the banks will easily accept such a plan," said Tokai Tokyo Research Center analyst Tatsuo Majima, adding that worries over the negotiations may weigh on bank stocks in the short term.

Mizuho Financial slumped 4.8 percent to 177 yen and Sumitomo Mitsui Financial lost 4.7 percent to 3,270 yen.

Mazda Motor slid 6.4 percent to 220 yen as the group's recently announced stock offering continued to cause dilution worries. --AFP

 
 
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