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Wednesday, November 04, 2009
Japan Shares Lower, As Sanyo Sinks Early
By Myra P. Saefong
MarketWatch Pulse
TOKYO -- Japanese shares traded slightly lower early Thursday, with the Nikkei 225 Average down 0.3% at 9,813.82, and the broader Topix nearly flat at 881.80. Shares of Sanyo Electric Co. dropped 12%, leading the losses and contributing to weakness in the benchmark index a day after reports that Panasonic Corp. will launch its previously announced tender offer for Sanyo this week at a discount to its current price. Panasonic's stock was up 0.4%. In South Korea, the Kospi was down 0.6% with Korean Air Co. among the bigger losers, trading down 3.5%. Australia's S&P/ASX 200 was down 0.4% after briefly trading in positive territory.
Copyright © 2009 MarketWatch, Inc.
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