CORRECTED - CORRECTED-Japan stocks slip as investors lock in profits

Mon Apr 7, 2008 9:51pm EDT
 
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(Corrects paragraph eight to ...Nomura Holdings ..., not Nomura Securites) (Updates to mid-morning)

TOKYO, April 8 (Reuters) - Japan's Nikkei slipped 0.8 percent on Tuesday as investors took profits a day after the benchmark hit a five-week closing high, with Mizuho Financial Group (8411.T: Quote, Profile, Research, Stock Buzz) and other financials down on lingering wariness about the global credit crisis. NTT DoCoMo Inc (9437.T: Quote, Profile, Research, Stock Buzz) slipped 1.9 percent after industry figures on Monday showed the company had less than a 50 percent share of Japan's mobile phone market after a decade as the dominant provider. [ID:nT74388]

Investor hopes that the credit crisis may be easing were boosted on Wall Street by news that Washington Mutual Inc (WM.N: Quote, Profile, Research, Stock Buzz) was close to securing a $5 billion investment. [ID:nN07475686]

"Optimism may have spread on Wall Street, but there's no question that investors here still are a bit wary about what the future holds," said Noritsugu Hirakawa, a strategist at Okasan Securities.

"After yesterday's rises and recent overall gains, investors are moving to lock in profits."

Other market participants said that investors were unwilling to buy ahead of indicators such as Japanese machinery orders ECONJP, which come out on Thursday, while big U.S. bank earnings are looming next week as well.

The Nikkei .N225 fell 0.84 percent to 13,337.48, while the broader TOPX fell 0.7 percent to 1,296.48.

Nomura Holdings (8604.T: Quote, Profile, Research, Stock Buzz) fell 3.8 percent to 1,639 yen, Mizuho Financial Group slipped 2.4 percent to 411,000 yen and Sumitomo Mitsui Financial Group (8316.T: Quote, Profile, Research, Stock Buzz) fell 2.1 percent to 758,000 yen.

NTT DoCoMo fell to 156,000 yen. (Reporting by Elaine Lies; Editing by Rodney Joyce)

 

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