Special Report:Global Financial Crisis
TOKYO, Jan. 30 (Chinese media) -- Japanese stocks plummeted
Friday to snap a three-day winning streak as a number of leading companies
announced grim earnings projections for the current financial year.
The key 225-issue Nikkei Stock Average lost 257.19
points, or 3.12 percent, from Thursday to 7,994.05. The last time the Nikkei
closed below the 8,000 level was Monday.
The broader Topix index of all First Section issues
on the Tokyo Stock Exchange was down 24.44 points, or 2.99 percent, to 794.03.
Electronics shares were among the notable losers
after a number of industry leaders released worse-than-expected reports for the
financial year through March on Friday and Thursday.
Toshiba, the most heavily traded issue both in value
and volume terms, dropped 67 yen, or over 17 percent, to 318 yen, after the firm
said Thursday it expects its largest-ever group net and operating losses of 280
billion yen each for the current business year, its first loss in seven years.
Sony fell 129 yen, or nearly 7 percent, to 1,780 yen.
The Japanese electronics and entertainment giant reaffirmed its earlier
projection that it expects to incur a 150 billion yen net loss for the whole of
fiscal 2008 ending March 31, its first annual loss in 14 years.
NEC also fell, slipping 17 yen, or over 6 percent, to
245 yen. It said on Friday it expects to incur 290 billion yen in group net
losses for the current business year due to its struggling chip operations and
dwindling sales of other products. The loss compared with its October estimate
of a 15 billion yen net profit and a year-earlier profit of 22.68 billion yen.
Trading volume on the main section came to 1,965.83
million shares, down from Thursday's 2,142.56 million.
The TSE's Second Section index lost 6.18 points, or
0.33 percent, to 1,891.59 on a volume of 26.96 million shares. On the Osaka
Securities Exchange, the near-term March Nikkei 225 index futures contract was
down 260 points to 7,940.
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