Nikkei down 0.2 pc, Mitsumi down but INPEX up

Tokyo, May 18: The Nikkei average shed 0.21 percent on Friday, weighed down by individual news such as Mitsumi Electric Co. Ltd.'s bearish outlook as the market lacks direction after the peak of the earnings season and major economic indicators.

But INPEX Holdings Inc. gained 3.9 percent to 1.06 million yen after oil surged more than Tokyo, May 18: The Nikkei average shed 0.21 percent on Friday, weighed down by individual news such as Mitsumi Electric Co. Ltd.'s bearish outlook as the market lacks direction after the peak of the earnings season and major economic indicators.

But INPEX Holdings Inc. gained 3.9 percent to 1.06 million yen after oil surged more than $2 to a fresh 8-month high above $70 a barrel on Thursday.

''The market lacks domestic material for trade, and the sense of little direction is likely to continue for a while,'' said Hiroaki Kuramochi, managing director at Bear Stearns.

''Investors have also become a bit cautious as the weaker-than-expected GDP data gradually sank in and on concerns that poor performance in start-up markets might spread to other small- to medium-sized companies.'' Japan's economy lost a little steam in January-March on a downturn in capital spending, adding to concerns about corporate capital spending.

The Nikkei was down 36.59 points at 17,462.01 as of 0108 GMT.

The broad TOPIX index lost 0.24 percent to 1,703.09.

The Mothers index for start-up caps was down 1.7 percent to 814.98, renewing its life-time low. The Nikkei Jasdaq average, which lists small- to medium cap shares, lost 0.45 percent to 2005.22.

Mitsumi Electric, which makes electronics parts game consoles such as for Nintendo Co. Ltd.'s Wii, drops 5.1 percent to 3,750 yen after the company projected lower than expected profit growth for the year to March.

Credit Saison Co. Ltd.tumbled 5.1 percent to 3,320 yen after the company forecast lower-than-expected earnings due to lowering the maximum rates it charges.

Reuters to a fresh 8-month high above a barrel on Thursday.

''The market lacks domestic material for trade, and the sense of little direction is likely to continue for a while,'' said Hiroaki Kuramochi, managing director at Bear Stearns.

''Investors have also become a bit cautious as the weaker-than-expected GDP data gradually sank in and on concerns that poor performance in start-up markets might spread to other small- to medium-sized companies.'' Japan's economy lost a little steam in January-March on a downturn in capital spending, adding to concerns about corporate capital spending.

The Nikkei was down 36.59 points at 17,462.01 as of 0108 GMT.

The broad TOPIX index lost 0.24 percent to 1,703.09.

The Mothers index for start-up caps was down 1.7 percent to 814.98, renewing its life-time low. The Nikkei Jasdaq average, which lists small- to medium cap shares, lost 0.45 percent to 2005.22.

Mitsumi Electric, which makes electronics parts game consoles such as for Nintendo Co. Ltd.'s Wii, drops 5.1 percent to 3,750 yen after the company projected lower than expected profit growth for the year to March.

Credit Saison Co. Ltd.tumbled 5.1 percent to 3,320 yen after the company forecast lower-than-expected earnings due to lowering the maximum rates it charges.

Reuters>