Tokyo shares outlook - Lower on Wall St fall, thin trading seen |
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Mon, 30 Apr 2007 23:30
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TOKYO (XFN-ASIA) - Share prices are expected to open lower, tracking declines on Wall Street overnight, with thin trading conditions likely to increase volatility in prices, dealers said.Many investors are expected to stay out of the market which is only open today and tomorrow. The market was closed yesterday and will be shut again on Thursday and Friday for the Golden Week holidays.Investors are also likely to take a wait-and-see stance ahead of the release later today of the manufacturing data from the US Institute for Supply Management. Overnight, the report's precursor, the Chicago Purchasing Managers' index of manufacturing activity in the Midwest, came in weaker than expected.The Dow Jones Industrial Average closed down 58.03 points or 0.44 pct at 13,062.91, while the Nasdaq composite index was off 32.12 points or 1.26 pct at 2,525.09.In Chicago, the Nikkei futures contract settled at 17,335 points, down from 17,410 at the Osaka Securities Exchange on Friday, suggesting a weak start for the Tokyo market.On the Tokyo bourse Friday, the Nikkei 225 Stock Average closed down 28.76 points or 0.17 pct at 17,400.41, while the TOPIX index of all first-section issues fell 2.41 points or 0.14 pct to 1,701.00.Ahead, the Japan Automobile Dealers Association will release new car sales for April, while theJapan Minivehicle Association will report sales of compact cars for last month.Stocks to watch include Nintendo Co on a report that the firm plans to purchase an 80 pct stake in Monolith Software Inc, a Namco Bandai Holdings Inc group game software developer, for an estimated 200-300 mln yen.Mazda Motor Corp may rise after the automaker said Friday its profits hit all-time highs in the year ended March, driven by brisk overseas sales and a weak yen. The automaker, owned 33.9 pct by Ford Motor Co , said it expects another record earnings in the current fiscal year.Matsushita Electric Industrial Co may also shine after the consumer electronics maker said it expects to post a record net profit in the current business year due to robust sales of flat-screen televisions, digital consumer products and home appliances.(1 usd = 119.45 yen)yasuhiko.seki@xfn.comys/mas
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RPT - Asian shares close lower on Wall St; stronger yen drags Tokyo down 