Japan Hot Stocks-Sanyo Electric, Ito-Yokado, Paris Miki, Toyota


TOKYO, Jan 30 (Reuters) - The following stocks are on the move on Thursday. **SANYO ELECTRIC UP FOLLOWING HOLDING COMPANY REPORT**

Sanyo Electric Co Ltd up 2.42 percent at 338 yen after the Nihon Keizai Shimbun business daily said Japan's third-largest consumer electronics maker planned to become a holding company by spring 2004 to better combat rising competition.

Trade in Sanyo's shares was halted until late in the morning session due to the report.

A Sanyo spokeswoman said it is considering adopting a holding company structure, but that no details had been decided yet. 0415 GMT **ITO-YOKADO HITS 15-YR LOW ON INSTITUTIONAL SELLING**

Ito-Yokado Co Ltd , Japan's top retailer, down 3.44 percent at 3,090 after falling as low as 3,040, its lowest level since late 1997. Traders said it was facing heavy selling by banks, insurers and corporate pension funds.

"Ito-Yokado's fundamentals are strong but unlike some of its rivals unfortunately the company has not announced plans to buy back shares to combat selling pressure by banks and the like," said Kazunori Tsuda, an analyst at Daiwa Institute of Research.

Financial institutions, which are currently seen as rushing to sell part of their massive shareholdings ahead of March bookclosings to reduce their exposure to market swings, hold around 28 percent of Ito Yokado's shares, he said. 0316 GMT


Paris Miki Inc down 6.01 percent at 1,298 yen, extending the previous session's 12 percent slide. Shares of the operator of chain stores selling eyeglass frames, lenses and other optical merchandise earlier hit a 50-month low of 1,286 yen.

On Tuesday, the company cut its group net profit forecast by 66 percent to 1.97 billion yen for the year to March. It slashed its sales outlook by 11 percent to 72.94 billion yen

Following the earnings revision, West LB kept its "reduce" rating on the stock, saying it was unlikely the company would post an earnings recovery in the short term. 0200 GMT **TOYOTA HITS 3-½ MTH LOW ON SUPPLY CONCERNS**

Toyota Motor Corp down 1.73 percent or 50 yen at a fresh three-and-a-half month low of 2,845 amid concerns about financial institutions looking to unload stocks before books close for the year in March and selling by corporate pension funds.

"There's the U.S. economy and the yen, but the biggest concern right now is oversupply," said Hideki Kamiya, senior fund manager at Resona Asset Management. "Banks are looking to sell liquid stocks like Toyota while corporate pension funds are also selling before returning certain obligations to the state."

Kamiya said Toyota's stock was attractive at current levels, but expects it to remain under pressure through the end of the business year on March 31. 0145 GMT **JFE DOWN ON PROFIT-TAKING AFTER WEDNESDAY'S SURGE**

JFE Holdings Inc down 2.27 percent at 1,553 yen, hit by profit-taking after it rose six percent in the previous session to an all-time closing high of 1,589 yen.

Wednesday's rally was sparked by the steelmaking giant's announcement that it would cut eight percent of its workforce, slash domestic steel-making capacity by around 15 percent, and look to East Asia to help it overcome weak domestic demand. 0115 GMT **TOYODA BOSHOKU FALLS ON SECONDARY OFFERING PLAN**

Toyoda Boshoku Corp down 5.65 percent at 585 yen after the textile maker said on Wednesday that two of its corporate shareholders from the UFJ banking group planned to sell a total of 1.492 million of its shares in a secondary offering. 0110 GMT **TOKYU DEPARTMENT UP ON SYNDICATED LOAN REPORT** Tokyu Department Store Co Ltd up 9.09 percent or 6 yen at 72 after Yomiuri Shimbun newspaper reported that 10 banks had agreed on providing the struggling retailer with a syndicated loan worth 70 billion yen ($590.9 million). 0058 GMT **NIPPON LIGHT METAL UP ON REPORT OF BULLISH PROFIT**

Nippon Light Metal Co Ltd up 3.85 percent or four yen at 108 yen after the Nihon Keizai Shimbun said the aluminium producer will likely see its group operating profit jump 71 percent from a year earlier to about 20 billion yen ($169 million) in the year to March.

The company will beat its earlier forecast for operating profit of 17 billion yen thanks to brisk sales of aluminium foil used in capacitors and a recovery in the construction materials business, the business daily said. 0045 GMT **SONY UP SLIGHTLY AFTER POSTING RECORD Q3 PROFIT**

Sony Corp up 1.47 percent at 4,830 yen after the world's top consumer electronics maker on Wednesday reported a record group net profit of 125.43 billion yen ($1.06 billion) for the October-December quarter, nearly double that for the year-earlier period.

Sony's stock hit a 15-month closing low of 4,760 yen on Wednesday before the earnings announcement, weighed down by concerns over the global economy, a strong yen, and selling by banks and insurers in the run-up to the fiscal year-end in March. 0008 GMT ($1=118.45 yen)



Follow Us

Sponsored Introduction Continue on to (or wait seconds) ×