Wednesday January 12, 12:29 am Eastern Time
Tokyo stocks stay soft, biotech, media shares firm
TOKYO, Jan 12 (Reuters) - Tokyo stocks remained soft in mid-afternoon trade on Wednesday, after major
information technology issues were sold in reaction to overnight losses among their U.S. counterparts on the
Nasdaq market, traders said.
Buying interest remained strong, however, in select shares outside the info-tech sector, including
biotechnology and television network stocks, providing modest support for the overall Tokyo market, they
said.
At 0450 GMT, the benchmark Nikkei average was down 93.75 points or 0.50 percent at 18,757.17. March Nikkei futures <0#JNI:> had
fallen 110 points to 18,720.
While most info-tech stocks, which led Tokyo's major advances late last year, remained under selling pressure, some biotechnology-relalted
shares extended their recent bull run.
Kyowa Hakko Kogyo Co Ltd was up by its daily limit of 100 yen or 10.75 percent at 1,030.
Kyowa Hakko, an alcoholic beverage and chemical maker that has diversified into biotechnology, has gained 68 percent so far this year as
biotechnology issues are viewed in the market as relatively undervalued growth stocks.
Kirin Brewery Co Ltd rose 189 yen or 17.55 percent to 1,266 on news it was in a strategic alliance with Medarex (NasdaqNM:MEDX - news),
a U.S. biotechnology company.
Among television networks, Nippon Television Network was up 17,000 yen or 16.67 percent at 119,000 and Fuji Television Network
gained 200,000 yen or 13.42 percent to trade at 1.69 million as of 0524 GMT.
Media firms became market favourites after news earlier this week that Internet service provider America Online Inc (NYSE:AOL - news)
would acquire media giant Time Warner Inc (NYSE:TWX - news). |
