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Tokyo stocks seen moving litle in thin trade

Written by: Staff
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TOKYO, Nov 22 (Reuters) Tokyo stocks are likely to move little in thin trade on Wednesday, due to a lack of market-moving factors and as investors take a cautious tack ahead of national holidays in both Japanese and the United States.

Nikkei futures pointed to a slight rise in the market. December futures traded in Chicago closed at 15,775, up 75 points from their close in Osaka ''Trade is likely to be less active as we completely lack new factors,'' said Yutaka Miura, deputy manager of the equity information department at Shinko Securities.

Both Japanese and New York markets will be closed on Thursday in observance of national holidays.

The Nikkei average is likely to move between 15,600 and 15,800 on Wednesday, market participants said.

It was little changed on Tuesday, adding just 8.20 points to 15,734.14, after logging its lowest close since late September a day earlier.

Investors will also be paying attention to earning results from Sumitomo Mitsui Financial Group Inc. and Resona Holding Inc.

STOCKS TO WATCH -- Konica Minolta Holdings Inc. T> Japanese copier and printer maker Konica Minolta said on Tuesday it would issue 70 billion yen (3 million) worth of euroyen convertible bonds for capital expenditure and bond redemption.

-- Mitsui&Co. T> Japan's second-biggest trading company said on Tuesday its wholly owned Singapore unit had lost million from naphtha trading as of Nov. 17.

The losses had been hidden since one or several traders with Mitsui Oil (Asia) Pte. Ltd. had falsified trading data to cover them up. The subsidiary employs 32 traders for futures and physical crude and oil products.

-- NEC Corp. T> NEC said on Tuesday its first-half net loss quintupled on sluggish mobile phone sales at home and discounted tax assets, and slashed its full-year forecast by 64 percent after switching to Japanese accounting rules.

-- Sugi Pharmacy Co. Ltd. T> Sugi Pharmacy said on Tuesday it would acquire Japan Co. Ltd. , an operator of discount stores and home centres, via a share swap to expand its operations by sharing resources.

Under the deal, one Japan share will be exchanged for 0.52 Sugi Pharmacy share, and Japan will become a 100 percent-owned subsidiary of Sugi Pharmacy, the two firms said in a statement.

REUTERS DKS PM0528

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