Japan stocks fall, Fanuc down on weak order stats

Thu Feb 7, 2008 9:38pm EST
 
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By Taiga Uranaka

TOKYO, Feb 8 (Reuters) - Japanese stocks fell on Friday, with industrial robot maker Fanuc Ltd (6954.T: Quote, Profile, Research, Stock Buzz) sold heavily after weaker-than-expected core private-sector machinery orders.

Investors were holding back ahead of a three-day weekend, with the market gyrating between positive and negative territory.

On the positive side, Japan Tobacco Inc (2914.T: Quote, Profile, Research, Stock Buzz) and Mitsumi Electric Co Ltd (6767.T: Quote, Profile, Research, Stock Buzz) rose sharply as investors favoured companies with solid earnings amid a darkening economic outlook.

"The market lacks direction ahead of the three-day weekend. Investor are jumping on specific shares with news, but that does not translate into overall moves," said Hiroaki Osakabe, fund manager at Chibagin Asset Management. The market will be closed on Monday for a national holiday.

He also said the Tokyo's relative calmness was also helped by holidays in other Asian markets.

The benchmark Nikkei average .N225 ended the morning session down 0.8 percent at 13,102.81. The broader TOPIX index lost 0.9 percent to 1,293.98.

MACHINERY ORDERS  Continued...

 

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