Nikkei falls nearly 4 percent on Sony’s projected loss

January 23rd, 2009 - 2:27 pm ICT by IANS  

Tokyo, Jan 23 (DPA) Japan’s key Nikkei 225 Stock Average extended its losses Friday to a two-month low after Sony Corp announced a projected record operating loss for fiscal 2008.The Nikkei index tumbled 306.49 points, or 3.81 percent, to close at 7,745.25, and the broader Topix index of all first section issues was also down 22.36 points, or 2.81 percent, at 773.55.

Sony said it expected to suffer an operating loss of 260 billion yen ($2.9 billion) and a net loss of 150 billion yen because of the rise in the yen’s value and the global economic downturn, which has hurt the company’s sales.

For the week, the Nikkei fell 5.9 percent, and the Topix declined 5.42 percent.

On currency markets at midday (0300 GMT), the dollar traded at 88.86-91 yen, down from Thursday’s 5 p.m. quote of 89.32-35 yen.

The euro traded at $1.2963-68, down from late Thursday’s quote of $1.3002-05, and at 115.25-30 yen, down from 116.16-20 yen.

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