Tokyo shares outlook - Mixed on weak US GDP data, firmer Nasdaq |
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Fri, 01 Jun 2007 00:23
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TOKYO (XFN-ASIA) - Share prices are expected to open mixed following disappointing US gross domestic product growth in the firs quarter which caused the Dow industrials to retreat, dealers said.The gains on the tech-heavy Nasdaq index may lend support to the market along with a weaker yen,they said.The US Commerce Department said first-quarter GDP grew 0.6 pct, lower than the average economists' estimate of 0.8 pct and the 1.3 pct the government projected in April. The first-quarter growth was also the most sluggish since the last quarter of 2002.The Dow Jones Industrial Average closed down 5.44 points or 0.04 pct at 13,627.64, while the Nasdaq composite index was up 11.93 points or 0.46 pct at 2,604.52.In Chicago, the Nikkei futures contract settled at 17,980 points, up from 17,860 at the Osaka Securities Exchange yesterday.On the Tokyo bourse, the Nikkei 225 Stock Average closed up 287.49 points or 1.63 pct at the day'speak of 17,875.75, its highest closing level since Feb 27, when it settled at 18,119.92.The TOPIX index of all first-section issues advanced 21.93 points or 1.26 pct to 1,755.68.Ahead, the Japan Automobile Dealers Association will release new vehicle sales for May and the Japan Minivehicles Association will also announce sales figures for last month.Stocks to watch include Sapporo Holdings Inc after the brewing group said it will close its aging brewery in Osaka, but spend 7.6 bln yen on upgrading two other breweries and on consolidating the production lines for some of its brands, in a effort boost production efficiency and improve profitability.Mitsubishi Corp may move on a report that the trading house will spend some 14 bln yen to acquire additional shares in the US-based grain dealer FGDI LLC that operates an export facility along the coast of the Gulf of Mexico, increasing its equity interest in the US firm to 75 pct from 30 pct.Sojitz Corp may advance on a report that the trading house will team up with firms in Australia and other countries to engage in comprehensive iron ore operations ranging from production to processing and sales.(1 usd = 121.70 yen)yasuhiko.seki@xfn.comys/mas
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Asian shares close mostly higher; Tokyo flat ahead of GDP release 