Asian Shares Including Sony Weaker After U.S. Data
Published April 25th, 2007
Asian stocks drifted lower Wednesday, led by losses in South Korean and Japanese markets as investors sold Sony Corp. and other export-related shares after declines in U.S. housing sales and consumer-confidence raised fresh concerns over the outlook for the region’s most important export market.
Among exporters, Sony (CAJ) shares were down 1.9%, Matsushita Electricfell 2.1% and South Korea’s Samsung Electronics (SSNGY) was down 0.9%.
Canon Inc. (CAJ) bucked the downtrend, rising 1.5% after the digital camera and office-equipment maker reported group net profit for the three months ending in March rose 21%, and lifted its full-year earnings forecast.
The Nikkei 225 closed 1.2%, or 215 points, lower at 17,236.16, and the broader Topix dropped 1.1%, or 18 points, at 1,687.34.
Korea’s Kospi index was off 0.7%, Taiwan’s Weighted Price Index fell 0.4% and China’s Shanghai Composite Index was down 0.7%.
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