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Tokyo stocks seen rising on techs, Sony may gain

Written by: Staff
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TOKYO, Oct 27 (Reuters) Tokyo shares are expected to rise on Friday, as Japanese technology stocks follow their U.S.

counterparts higher, but gains are seen likely to be limited with some investors holding back before the start of the weekend.

Shares of Sony Corp. may advance after its American depositary receipts finished up 3.9 percent, in yen terms, from the previous close in Tokyo.

''Following the advance of tech stocks in the United States, similar Japanese issues are likely to rise today,'' said Yutaka Miura, deputy manager of the equity information department at Shinko Securities.

''However, investors are also looking ahead to the weekend ...

so that may limit gains as we move into afternoon trade.'' Earnings will continue to be in focus. Major companies to release their earnings results on Friday include Oji Paper Co.

Ltd., Sumitomo Corp., Marubeni Corp, Advantest Corp., Matsushita Electric Industrial Co. Ltd. and Matsui Securities Co.

Nikkei futures traded in Chicago pointed to a rise in the benchmark Nikkei average Nikkei contracts expiring in December closed at 16,870 in Chicago, an advance of 40 points from their Osaka close.

The Nikkei is likely to move between 16,700 and 16,950 on Friday, market participants said.

STOCKS TO WATCH -- Daio Paper Corp.

The paper maker has bought about 2 percent of shares in rival Hokuetsu Paper Mills Ltd. and Hokuetsu is eyeing a similar stake in Daio, the Nihon Keizai Shimbun reported on Friday.

-- Fast Retailing Co. T> The operator of the Uniqlo casual-wear chain said on Thursday it would spend about .5 million to buy a 33.4 percent stake in shoe retailer Viewcompany Co.

-- Canon Inc.

The camera and office equipment firm posted a 15 percent rise in quarterly profit on strong sales of digital cameras and a weaker yen but disappointed some investors by not raising its outlook, citing a price slump in inkjet printers.

-- Sony Corp.

The electronics and entertainment firm said on Thursday it swung to a quarterly loss due to the mounting cost of recalling millions of computer batteries.

-- Nintendo Co. Ltd.

The company said its profit more than trebled in the financial first half, buoyed by its hot-selling DS handheld game gear, and stood by its annual outlook for 60 percent profit growth.

-- Nissan Motor Co.

The company posted a smaller-than-expected 4.9 percent drop in quarterly operating profit as an ageing product line hit global sales, and kept its full-year forecasts, helped by the weaker yen.

-- Astellas Pharma Inc.

Japan's third-biggest drug maker said its first-half profit would be 12 percent above its previous estimate, thanks to favourable exchange rates and lower R&D costs.

-- Daiwa Securities Group Inc. and Nikko Cordial Corp.

The Japanese brokers reported sharp declines in second-quarter profit as weak markets hurt their trading business and ate into broking commissions.

-- SBI E*Trade Securities Co. Ltd.

The broker reported its July-September profit fell by a quarter.

-- Ito En Ltd. T> Japan's top maker of green tea drinks said on Thursday it would spend 1.9 billion yen to raise its stake in Foodx Globe to 51 percent from 36.4 percent, giving it control of the operator of Tully's coffee shops in Japan.

-- Idemitsu Kosan Co. T> The oil refiner said on Thursday it will cut wholesale prices of gasoline and other petroleum products by an average of 3.50 yen per liter for shipments in November, according to Kyodo news agency.

Reuters DKS VP0525

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