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Tokyo stocks seen moving little after holidays

Written by: Staff
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TOKYO, Nov 24 (Reuters) Tokyo stocks are likely to move little on Friday, with participants citing a lack of market-moving factors following national holidays in both Japan and the United States.

But any losses are likely to limited, as investors are likely to bet that recent losses are overdone. The Nikkei is set to book its fourth straight weekly loss.

''Right now there isn't any event or announcement to move the market. And coming off the holidays, were are likely to see a slight reduction in the Nikkei,'' said Toru Otsuka, deputy general manager of investment information at Mizuho Investors Securities.

''However I don't think the drop will be that great. From a technical standpoint ... stocks look cheap.'' The U.S. market was closed on Thursday in observance of the Thanksgiving holiday. Japan was closed for the Labour Thanksgiving Holiday.

Nikkei futures pointed to a slight drop in the market.

December futures closed at 15,800 in Chicago on Wednesday, down 60 points from their close in Osaka The Nikkei average is likely to move between 15,700 and 16,000 on Friday, market participants said.

It rose 1.1 percent to 15,914.23 on Wednesday.

On Monday it logged its lowest close since late September.

STOCKS TO WATCH -- Sanyo Electric Co.

The struggling electronics maker plans to sell its cellphone operations as part of a new restructuring plan, the Nihon Keizai newspaper reported on Thursday.

-- Daiwa Securities Group Inc.

Japan's financial-market watchdog called for a penalty on Wednesday against Daiwa, the country's second-biggest brokerage, over a case of insider trading by a client last year.

-- Sumitomo Mitsui Financial Group (SMFG) Japan's third-biggest bank, reported a 38 percent fall in half-year net profit on Wednesday, hurt by a lending slowdown and losses on its bond portfolio, and it stood by its full-year forecast for a decline of 17 percent.

-- SUMCO Corp.

Silicon wafer maker SUMCO said its net profit quadrupled in the nine months to Oct. 31 on strong sales of wafers used to make microchips, and it raised its full-year forecast by 7.5 percent.

-- Nikon Corp., the world's No. 5 digital camera maker, told Reuters in an interview on Wednesday a weaker yen and cost cuts may help lift its profit this year above the goal of 90 billion yen it had initially set for two years from now.

-- NEC Corp.

NEC said on Wednesday it was suspending its development of traditional 2.5G handsets in China to focus on developing third-generation (3G) handsets.

-- Taiyo Ink Manufacturing Co. Ltd.

The company will tie-up with DuPont to enter the market for insulating film used to cover the wiring on semiconductor packaging substrates, the Nihon Keizai reported on Thursday.

Reuters SBA VP0538

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