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Nikkei in 6th week of losses, Sony slides after results
2012年5月11日 / 早上7点38分 / 6 年前

Nikkei in 6th week of losses, Sony slides after results

* Sony hits 32-year low as earnings outlook disappoints
    * Nikon, Konica Minolta, Hitachi rise after earnings
    * Overall tone of market still very bearish
    * China industrial data, strong yen, euro zone weigh

    By Sophie Knight	
    TOKYO, May 11 (Reuters) - The Nikkei share average sank
below 9,000 o n Friday for a sixth straight week of losses, with
a choppy earnings season seeing Sony Corp tumbling to a
32-year-low but camera maker Nikon Corp and others
surging on strong guidance.	
    Despite several big tech stocks finding favour in the market
and record purchases of exchange-traded-funds by the Bank of
Japan this week, overall sentiment remained bearish due to weak
Chinese industrial data, a persistently strong yen and a
deepening euro zone crisis. 	
    Indeed, with the Nikkei's 0.6 percent fall, it has now given
up all gains made since Feb.14 when the Bank of Japan surprised
markets with an easing in policy, which brought down the yen and
boosted Tokyo stocks.	
    "Some companies are coming out with strong earnings, but
even those whose forecasts are beating estimates will find it
hard to outperform with the yen as strong as it is," said
Kenichi Hirano, operating officer at Tachibana Securities. 	
    "Europe's debt crisis is just sending investors running to
the 'safe-haven' yen, which makes Japanese stocks unattractively
     The Nikkei fell to 8,953.31, and was down 4.5 percent on
the week. The Osaka Securities Exchange said after the close
that Nikkei futures settled at 9,019.35. 	
    The broader Topix index slipped 0.9 percent to
758.38, a 3-1/2 month low, 	
     Some market participants noted that the losses come after a
19 percent rally in the first quarter and the Nikkei is still up
6 percent for the year to date. 	
     "The market isn't strong at the moment, but considering
what's going on in the rest of the world, there's no sign of
unease," said Hiroyuki Mutsuro, head of execution support in
equities at Mizuho Securities.	
    Sony Corp shed 6.4 percent, a day after it posted a
record annual loss of $5.7 billion and failed to convince
investors that it has a sound strategy to turn around its
loss-making TV business and boost smartphone sales.	
    "There is really nothing in there that can justify buying
the stock," said a trader at a U.S. bank said.	
    "You see the loss narrowing in the TV business. That's fine,
but I don't see any future in the TV business, so it doesn't
matter what they do."	
    Some stocks, particularly companies that have recovered from
supply disruptions caused by the March 2011 earthquake and
tsunami and floods in Thailand, bucked the trend.	
    Market analysts said buying on dips could emerge next week
when the Nikkei is expected to test support levels like 8,800 -
the level at which it was trading before Feb. 14.	
    Nikon surged 8.6 percent after the camera maker's operating
profit for the past financial year beat its own forecast, with a
dealer saying the company's guidance looked very conservative.	
    Konica Minolta Holdings and Hitachi also beat
forecasts, putting on 3 percent and 3.5 percent respectively. 	
    Drugmaker Eisai Co Ltd advanced 1.8 percent after
U.S. regulators approved an experimental obesity pill it is
developing with Arena Pharmaceuticals Inc.
    The energy sector suffered a loss of 1.7 percent 
a fter Moody's Investors Service downgraded the long-term credit
ratings of seven Japanese electric power companies.

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