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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (43077)	2/17/2006 3:31:52 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69211

Nikkei declines despite strong GDP figures Thursday February 16, 9:45 pm ET By David Turner in Tokyo Japanese stocks fell on Friday morning despite being pushed up briefly by strong figures for gross domestic product. The fall was led by real estate stocks, which plummeted as foreigners - big buyers within the sector - continued to exit the Japanese market. The Nikkei 225 fell 0.7 per cent to 15,924.61 by midday, with the Topix down 0.5 per cent to 1,622.71. The real estate sector plunged 3.7 per cent - even faster than Thursday's 2.6 per cent fall. Mitsui Fudosan, Japan's biggest real estate company, slipped 3.6 per cent to Y2,275. Mitsubishi Estate, its largest rival, declined 3.9 per cent to Y2,355. Tokyu Land, a big star recently, plunged 5.7 per cent to Y1,024. Warehouse and wharf stocks, which have valuable property portfolios, also fell but to a lesser degree. Mitsubishi Logistics was down 2.4 per cent at Y1,764. Most domestic stocks in other sectors also fell, with banking down 0.7 per cent. But the transport equipment sector rose 1.1 per cent, responding to strong export figures within the GDP data. Toyota (NYSE:TM), Japan's biggest carmaker, rose 1.9 per cent to Y6,440. Honda (NYSE:HMC) climbed 1.5 per cent to Y6,930. Sharp, the high-tech manufacturer, gained from the export news and from Merrill Lynch's decision to raise its rating to "buy" from "neutral". The stock rose 1.7 per cent to Y2,050. Merrill said the share price should be supported by greater competitiveness in liquid crystal display televisions. There were export stocks that followed the general market by falling, however. Sony (NYSE:SNE), the consumer electronics and entertainment giant, was down 2.1 per cent at Y5,540.