Nikkei:9,522 (-40.11) Hang Seng:23,118 (+217.28) Shanghai Comp:2,710 (-26.58)
THE NIKKEI stock average fell yesterday for its third straight week of losses, pulled lower by a drop in Sony Corp shares after the electronic giant’s earnings outlook undershot analyst forecasts.
While positive news this week, such as the launch of new investment trusts, helped to lift the Nikkei from a two-month closing low hit earlier this week, the market lacked strong drivers to push it out of its post-quake range.
The benchmark Nikkei fell 0.4 per cent to 9,521.94, meaning it shed 0.9 per cent over the week.
Sony, which is struggling with the aftermath of a massive earthquake and a series of network security breaches, dropped 3.2 per cent to 2,167 yen. The consumer electronics maker on Thursday predicted an 80 billion yen (€691.3 million) net profit for the current financial year, turning around from a massive loss in the year just ended but missing analysts’ consensus of 105 billion yen.
Toyota fell 0.6 per cent to 3,335 yen and Honda shed 0.8 per cent to 3,070 yen. Both firms have seen their global production slump to about half of year-ago levels in April after the quake wreaked havoc on their supply chains. – (Reuters)
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