Tokyo stocks lose 4 percent on Sony’s expected operating loss

January 13th, 2009 - 12:04 pm ICT by IANS  

Tokyo, Jan 13 (DPA) Stocks lost more than 4 percent in Tokyo Tuesday as market sentiment was dampened by media reports on speculation that Sony Corp would incur an operating loss for the fiscal year.The Nikkei 225 Stock Average tumbled 380.32 points, or 4.3 percent, to end the morning session at 8,456.48.

The broader Topix index of all First Section issues was also down 37.33 points, or 4.37 percent, to 817.69.

Tokyo players dumped mainly export-oriented issues on the yen’s advance against the US dollar, while Japanese electronics giant Sony was expected to report an operating loss of about 100 billion yen ($1.11 billion).

On the currency markets at 9 a.m. (0000 GMT), the dollar rose to 89.41-46 yen from late Monday quote of 89.18-28 yen in New York. The Tokyo market was closed Monday for a national holiday.

The euro was almost unchanged at 1.3355-60 dollars from Monday’s 5 p.m. quote of 1.3355-65 dollars, and at 119.45-50 yen, up from 119.12-22 yen.

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