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LEAD: Tokyo stocks fall as news of Lehman Brothers reignites credit worries+(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Sept. 10_(Kyodo) _ (EDS: ADDING DETAILS AND PRICES) Tokyo stocks fell Wednesday morning after failed efforts by struggling U.S. investment bank Lehman Brothers Holdings Inc. to raise fresh capital reignited investor fears about the health of the U.S. financial sector. The 225-issue Nikkei Stock Average lost 131.11 points, or 1.06 percent, from Tuesday to 12,269.54. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 7.41 points, or 0.62 percent, to 1,184.18. Decliners were led by iron and steel, glass and ceramics, and oil and coal product issues. Major gainers included rubber product, real estate and consumer finance issues. Selling of a wide range of issues, including financials, dominated the Tokyo market at the outset of trading after a news report saying talks about a possible investment in Lehman Brothers by South Korea's government-owned Korea Development Bank had faltered. Yumi Nishimura, deputy general manager of the global product planning department at Daiwa Securities SMBC Co., said the Lehman Brothers news chilled investor sentiment and dispelled the euphoria caused by the recent U.S. government bailout of struggling U.S. mortgage finance giants Fannie Mae and Freddie Mac. At one point, the Nikkei index lost about 240 points in early trading. Value leader Mizuho Financial Group fell 5,000 yen, or over 1 percent, to 452,000 yen. High-tech issues also came under selling pressure on concerns about the global economic slowdown. Sony lost 110 yen, or nearly 3 percent, to 3,820 yen, and Canon dropped 120 yen, or 2.59 percent, to 4,520 yen. Oil shares also performed poorly, with Inpex Holdings diving 27,000 yen, or nearly 3 percent, to 988,000 yen, after bellwether crude oil futures sank to the $101 a barrel level in off-hours trading Tuesday in New York, a five-month low since early April. On the First Section, declining issues outnumbered advancing ones 873 to 725, with 109 others ending the morning unchanged. But investors refrained from a sell-off, with Tokyo stocks in the late morning session erasing some of the sharp early losses. "It is unlikely for the Tokyo market to plunge further just before Lehman Brothers announces its (third-quarter) financial results and strategy later Wednesday," Nishimura said, adding that the bank's earlier-than-scheduled release is good timing to curb investor fears from growing. Lehman Brothers was originally set to release its financial report Sept. 18. Among the bright spots were Lawson and FamilyMart. Lawson rose 40 yen, or nearly 1 percent, to 4,780 yen, and FamilyMart gained 70 yen, or nearly 2 percent, to 3,940 yen, on a report by Japanese business daily the Nikkei Wednesday that Rex Holdings Co. plans to sell convenience store chain operator am/pm Japan Co. with Lawson and FamilyMart indicating their intention to bid for it. Trading volume on the main section came to 979.55 million shares, up from Tuesday morning's 797.90 million. Volume leader Mitsubishi UFJ Financial Group gained 11 yen, or over 1 percent, to 851 yen, after its decline the previous day. The TSE's Second Section index was down 10.40 points, or 0.42 percent, to 2,478.04 on a volume of 20.72 million shares. On the Osaka Securities Exchange, the near-term September Nikkei 225 index futures contract was down 120 points to 12,270. Copyright ? 2008 Kyodo News International, Inc. |