Tokyo stocks fall amid thin volume, Sony outlook weighs.
Tokyo stocks fell Friday as profit-taking took the upper hand amid light volume, while Sony Corp's weaker-than-expected earnings outlook dampened market sentiment.
The 225-issue Nikkei Stock Average dropped 40.11 points, or 0.42 percent, from Thursday to 9,521.94. The broader Topix index of all First Section issues on The Tokyo Stock Exchange was down 2.18 points, or 0.26 percent, to 824.90.
The land transport sector led decliners, followed by the pulp and paper and metal products sectors. Among major gainers were the consumer finance, mining and insurance sectors.
Profit-taking emerged after the Nikkei index jumped about 1.5 percent the day before and as a long weekend lies ahead in the United States and Britain, brokers said.
Investors also turned to sell stocks on Sony's announcement Thursday that it is expecting a group net profit of 80 billion yen in fiscal 2011, which undershot market consensus, they said.
The U.S. dollar remaining weak around the 81 yen level squeezed some exporters.
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|Publication:||Japan Weekly Monitor|
|Date:||May 31, 2011|
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